Dana Gas Company announced the completion of the Balsam-8 well drilling in Q4 of 2018, which added over 5,000 barrels of oil equivalent per day (boe/d) to production, the company announced in a press statement.
The firm’s operations in both Egypt and the Kurdistan Region of Iraq (KRI) led to a significant increase in production reaching 70,000 boe/d, compared to average production of 62,250 boe/d during the first three quarters of 2018.
“Production in excess of 70,000 boe/d is a great achievement for Dana Gas. At the start of the year, we planned a drilling program in Egypt and a debottlenecking project in the KRI that would significantly increase production. We have successfully delivered both projects,” company CEO Patrick Allman-Ward said.
“The increase in production will help offset the lower realized hydrocarbon prices that have impacted the oil industry in the last quarter and support growth in our revenue and net profit figures for the full year 2018 and beyond,” Allman-Ward added.