UK independent Dana Petroleum is set expand its portfolio in Egypt after signing a deal with Santos to buy a 40% interest in the South East July production sharing contract that lies in the Gulf of Suez off Egypt.
This latest deal builds upon five transactions Dana has already completed in Egypt, said the outfit.
Dana will operate the next well in the SE July PSC using the InterOcean-III jack-up drilling rig, which has just started working for Dana in the Gulf of Suez.
The outfit has contracted the InterOcean-III rig for an initial eight month period, running from May through till January next year. Dana said it plans to workover existing oil production wells and undertake infill drilling at its operated East Zeit producing oilfield. The company will then embark on an extensive exploration programme in the Gulf of Suez, including the first SE July well which Dana will drill on behalf of the joint-venture group.
Dana is currently drilling two wells off Egypt, at West El Burullus in the Nile Delta and at West Gihan in the Gulf of Suez, with results expected in the coming weeks.