Dana Petroleum: Block Farm-in Opportunity in Egypt

Dana Petroleum (Egypt) is seeking partner(s) to farm-in to the Ras Abu Darag Block, Egypt, to join them in their 2010/11 exploration drilling program in the Ras Abu Darag Concession, situated in the northern offshore part of the Gulf of Suez. This lies immediately on-trend and north of the proven producing part of the Gulf.

Dana has identified 8 key prospects and leads with new 3D seismic in both the shallow Miocene Asl Sandstone Syn-Rift Play and the deeper early Cretaceous Nubian Sandstone Pre-Rift.

Companies are invited to contribute (before the start of the 3rd Exploration Phase in July 2010), to the planned drilling program required before the end of 2011.

This is being planned to include both the 4X well (to test the deep ‘A’ prospect – est. 115 MMbor reserve potential) and the subsequent shallow5X well.

Dana is offering up to a 60% interest in the Concession in return for a negotiated contribution to the first 4X well (est. gross cost US$ 30 mm) but only an equity contribution to the 5X well (gross US$ 6 million).

(Source: Oil Voice)


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