Dana acquires stake in Egypt’s South Feiran concession
Posted: 09 January 2006
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Dana Petroleum has signed an agreement with Compania Espanola de Petroleos S.A. ('CEPSA') to acquire a stake in the South Feiran Concession, located in the Gulf of Suez, offshore Egypt.
This deal builds upon the recently announced agreement with Gaz de France to acquire an interest in the West El Burullus area of the offshore Nile Delta region of Egypt.
Following completion of the transaction, the South Feiran partners will be Dana with 20 per cent, Eni’ subsidiary IEOC Exploration as the operator with 50 per cent and Phoenix Redux Inc. with 30 per cent.
The South Feiran Concession covers an area of 349 square kilometres, with relatively shallow water depths in the range of 50 to 80 metres. The licensed area is surrounded by significant producing oil fields including the large Belayim fields which are estimated to have in excess of 2.5 billion barrels of oil.
A 3D seismic survey is now being planned over the high-graded eastern portion of the concession. Exploration drilling is targeted for 2007.
Posted by Editor Pipeline Magazine
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