UAE-based Dana Gas completed the drilling of a new exploratory well in the Nile Delta area. PLUTO-1 is a gas-producing well. It was drilled using the EDC-66 rig to a vertical depth of 7,300 feet, the cost of which has averaged $2 million.
It is worthy to mention that Dana gas reported their 2011 full-year profit to be $43 million, attributing the substantial rise in profit to the increase in production and the rise in oil prices. In comparison to the company’s profit in 2010, Dana Gas’s profits surged by 31% in 2011.