Exciting prospects
Posted: 18 June 2007
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Dana Gas of the United Arab Emirates has announced a new gas and condensate discovery from its El Wastani West-2 well in Egypt .
 The well has been tested and flowed at a rate of 9.5 million standard cubic feet per day of gas and 1,022 barrels of condensate per day from the Qawasim sands.
Centurion Petroleum, the upstream division of Dana Gas, drilled the well to a total depth of 3,175 metres and encountered 8.3 metres of net pay over a gross pay interval of 24 metres, the company said in a statement.
The El Wastani West pool represents a new block. Estimates of recoverable reserves are under evaluation.
Hany Elsharkawi, Dana Gas country director in Egypt , said: “We are excited about this discovery as it enhances the prospectively of the area west of El Wastani field currently being explored.”
The well is only 800 metres from the company’s El Wastani Gas Processing Facilities and has been tied into the facilities.
Dana Gas is also planning to issue a Shariah-compliant convertible Sukuk worth over $1 billion to fund its development strategy.
Executive chairman Hamid Jafar described the decision as “an important step” for Dana Gas as it looks to fund the next phase of the company’s growth in the Middle East natural gas industry.
Dana Gas is in the process of appointing lead managers for the Sukuk. Final details and terms of the proposed Sukuk will be established once approval has been obtained by the company’s General Assembly expected at the end of June or early July.
In addition, Dana Gas has signed a pact for strategic cooperation and investment with the Arab Petroleum Investments Corporation (Apicorp).
“I know it will prove to be a rich and mutually beneficial relationship for both parties in the short and the long term,” said Jafar. “Apicorp’s deep level of support for the hydrocarbon and energy industries in the Arab world is well known.” |
