Dana Gas, the Middle East’s first and largest regional private-sector natural gas company, has announced an exit rate of 32 thousand barrels of oil per day equivalent for 2007, exceeding company expectations.  The early production from two new discoveries has contributed substantially to the favorable production rate and brings significant development potential to Egypt.
The Al Baraka discovery well has produced the first oil ever in Upper Egypt.  In the short period of four months from discovery to first production, the first shipment of oil was delivered to the Assyut Refinery on December 27.  The discovery was hailed by the Egyptian Petroleum Minister, H.E. Eng. Sameh Fahmy, who visited the site and named the new field “Al-Baraka” (meaning “blessing” in Arabic). The Minister was accompanied by General Samir Yousif, Governor of Aswan; Hassan Akl, the Chairman of the State Company Ganoub Al-Wadi Holding Petroleum Company (Ganope); and Dr. Hany Elsharkawi, Dana Gas Egypt Country Director.
The Dabayaa-2 delineation well was drilled on the eastern side of the West Manzala concession in the Nile Delta to appraise the Dabayaa-1 discovery well in the Lower Abu Madi Sandstone formation.  A new discovery was made in the Upper Abu Madi formation, and the well has added over eight million cubic feet of gas per day and 240 barrels of condensate per day to Dana Gas’s production.
Hany Elsharkawi, Dana Gas Egypt Country Director, expressed the Company’s pride in producing the first oil in Upper Egypt and the rapid hook-up of the Dabayaa-2 well, saying: “We are excited about our recent successes, which confirm our confidence in the development opportunities in both the Upper Nile and Lower Egypt concessions”.
Rashid Saif Al Jarwan, General Manager of Dana Gas, added: “The year 2008 will be a busy one for Dana Gas, with an active exploration and drilling program continuing in Egypt, as well as the startup of our major projects in the UAE and Northern Iraq. We are also actively evaluating a number of other interesting opportunities in the Middle East and North Africa.”

(Dana Gas Press Release)