Dana GasDana Gas

The "Al Tawil-1" exploratory well commenced drilling on September 5, 2008 and reached a total measured depth of 3163 meters in the Qawasim formation. The well is located in the West Manzala concession, approximately 15 km south of Dana GasDana Gas's El Wastani gas processing facilities.

The Al Tawil-1 well encountered 34 meters of net hydrocarbon pay in the Qawasim sandstone reservoirs with excellent porosity and permeability. Upon testing, the well flowed at a daily rate of 23.5 million standard cubic feet of gas and 1027 barrels of condensate (totaling approximately 5000 barrels of oil equivalent - boe - per day). The added recoverable reserves, resulting from the successful drilling of the well, are currently estimated at 90 billion cubic feet of gas (16 million boe), in addition to 4 million barrels of associated condensate, representing a 20% increase to the current reserves of Dana GasDana Gas in Egypt. Plans are underway to determine the optimum development scheme for the new discovery. Additional exploratory wells targeting similar objectives will be drilled in the West Manzala and the West Qantara concessions in 2008 and 2009.

Ahmed Rashid Al Arbeed, Executive Director of Upstream at Dana GasDana Gas, commented on the new Al Tawil-1 well by saying, "This is an important discovery which proves the high potential of the Qawasim formation, resulting in significant reserves addition to the company. The exploration program in Egypt has been very successful so far, and we are looking forward to more discoveries before the year's end."

Mr Al Arbeed added, "We are very excited about the results in Al Tawil-1, as they significantly enhance the economics of the ongoing drilling project. Additional seismic interpretation and drilling activities are being planned for the remainder of 2008 and throughout 2009 to increase the proven reserves and production rates as part of the exploration and development plans for the area."

Meanwhile, Dr Hany Elsharkawi, Dana GasDana Gas Egypt Country Director, said that

Dana GasDana Gas had recently completed a successful well workover program in the Kom Ombo concession in Upper Egypt. "A hydraulic fracturing of the Al Baraka-1 well and additional perforations in the Al Baraka-2 appraisal well have resulted in a significant increase in the production rates of Al Baraka oil field," he explained.

Dr Elsharkawi noted that Dana GasDana Gas was the first and only oil producer in Upper Egypt, and expressed his expectations of a positive impact on the local community as a result of the company's success in the area.

Dana GasDana Gas is the sixth highest natural gas producer operating in Egypt today. A report by the Middle East Economic Survey (MEES) confirmed that Dana GasDana Gas was the only private company from the region to make new Middle East oil and gas discoveries in 2007. The new Al Tawil-1 well is part of an aggressive drilling project announced by Dana GasDana Gas earlier this year, covering 15 exploration wells and four development wells.

Dana GasDana Gas is currently also leading a consortium to build and operate the Gulf of Suez Gas LPG Plant, in partnership with the Egyptian Natural Gas Holding Company (EGAS) and the Arab Petroleum Investment Corporation (APICORP).

-Ends-

About Dana Gas
Dana GasDana Gas (PJSC) is the first regional private-sector natural gas company in the Middle East, established with over 300 reputable founder shareholders from across the Gulf Cooperation Council (GCC) region, and some 300,000 investors from over 100 nationalities worldwide who submitted applications of over US$78 billion over ten days in the company's regional IPO in late 2005.

Headquartered in Sharjah in the UAE and listed on the Abu Dhabi Stock Market (ADSM), Dana GasDana Gas already possesses a network of offices in Saudi Arabia, Kurdistan Region - Iraq, Egypt, the UK, and Canada, with further offices opening throughout the Middle East. Dana GasDana Gas currently has assets and projects in gas exploration and production, processing, transportation and marketing in several countries, and aims to play a major role in the rapidly-growing natural gas business throughout the Middle East, North Africa and South Asia (MENASA) Region across the entire gas value chain.

In addition to its current projects, Dana GasDana Gas will be expanding its activities in all elements of the natural gas value-chain, including upstream exploration and production; through the midstream transmission and distribution of gas including LNG trading; and downstream into gas-related industries and petrochemicals. www.danagas.ae

For more information, please contact:
Wajih Halawa
SAHARA Communications
+971-4-329 8996 / +971-50-240 3357
wajih@saharagcc.com

© Press Release 2008 from Sahara

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