Dana Petroleum strikes gas off Morocco

UK-based Dana Petroleum has made a significant gas discovery at Anchois in the Tanger-Larache licence off Morocco.

The Anchois-1 discovery well lies about 40 kilometres from the coast and was drilled to a total depth of 2435 metres. Two intervals of high quality, gas-bearing sands, were encountered in the well.

The combined gas column hit was about 90 metres with about 40 metres of net pay.

Preliminary estimates of reserves are around 100 billion cubic feet and Dana, together with its co-venturers, Repsol as the operator, Gas Natural and ONHYM have decided to suspend the well as a potential future producer. The joint venture group is now analyzing all the data acquired before deciding on further exploration drilling in the Tanger Larache licence.

Meanwhile the company reported in its preliminary results that its pre-tax profit for the year ending December 2008 rose 34% to £191.4 million ($271 million).

Revenue increased by 66% to a new record high of £518, while the group delivered record oil and gas production of about 39,400 barrels of oil equivalent, up 29% year-on-year.

(Upstream Online)


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