UAE-based firm Dana Gas has discovered gas reserves in Egypt totalling 86 billion cubic feet.
The gas is located in the Faraskur-1 and Marzouk-2 wells on DanaÔÇÖs West El Manzala concession in the Egyptian Nile Delta, the company said in a statement.
The Faraskur-1 discovery holds reserves of up to 73 billion cubic feet, while the Marzouk-2 well could hold up to 13.4 billion cubic feet.
The discoveries are DanaÔÇÖs eighth and ninth finds in its 2008 to 2009 drilling programme in the Nile Delta.
DanaÔÇÖs CEO, Ahmed Al-Arbeed, said: ÔÇ£The extensive planning that went into the drilling campaign is continuing to yield very positive results, boosting Dana GasÔÇÖ production and profitabilityÔÇØ.
Currently plans are underway to bring the wells into production. Dana has the option of either connecting the Faraskour-1 well to the Wastani field by crossing the Nile, or linking it to the new Salma-Tulip plant.
The Marzouk-2 well has been put on hold until a development lease is granted.
The company has said that the findings are of some significance to its future exploration in Egypt since they prove the presence of an active hydrocarbon system in a formation where it currently has several other prospects.
Dana is the number six natural gas producer in Egypt and the Middle EastÔÇÖs largest regional private sector natural gas company. Headquartered in Sharjah in the United Arab Emirates, the company has offices in Saudi Arabia, Egypt, Iraq and the UK.
Its current plans include vast expansion throughout the Middle East, North Africa and South Asia.
Last year, DanaÔÇÖs operations in Egypt yielded a daily production rate of 31,640 barrels of oil equivalent (boe).
So far this year, that rate has increased to 37,000 boe per day.
The company made the first ever commercial oil discovery in Egypt in 2007, in the south of the country.
*        *        *
