Dana Gas has made a gas and condensate discovery at its El Basant-2 well in the Nile Delta Concession in Egypt.
The El Basant-2 well, located 1.4 kilometres northeast of the El Basant-1 discovery in the West El Manzala Concession, was spudded on 6 December and reached a total depth of 3050 meters.
The well hit 37 metres of net sand pay with good porosity and permeability in the Qawasim formation.
“Dana Gas has already applied for a development Lease, which we expect to be granted soon,” said Dana country director Hany Elsharkawi.
Dana plans to transport the hydrocarbons produced from the well through a pipeline to its El Wastani field facilities, which lie about ten kilometres to the north of the well.
Meanwhile, the company also announced that it had started production from the Grouse oil field where it holds a 50% working interest while Venture Production holds the remaining 50%.
The Grouse field is situated in the UK’s Central North Sea, in Block 21/19, and has been developed via a subsea production well tied back to the Dana/Venture owned Kittiwake platform, the production hub for the Greater Kittiwake Area.
Initial field productivity is in line with expectations at around 10,000 barrels of oil equivalent per day.
Dana Petroleum shares were up 10.6 percent at 1043 pence, while Venture shares were up 4.4 percent at 441.75 pence at 1300 GMT.