Dana Petroleum plc (“Dana”) is pleased to announce it has just completed two successful appraisal/development wells in the Gulf of Suez area, with Zeitco, our joint venture company.

Within the Lorcan development lease, Fin-2X spudded on 12 May and was drilled with the Sino Tharwa Tanmia 1 rig reaching a total depth of 9,712 feet in the Rudies Formation on 30 May 2012.

The Kareem Rahmi sand interval was tested at a constrained rate of 2,220 bbls oil and 1,260 mmscf gas per day. This well encountered the thickest Rahmi reservoir to date in the North Zeit Bay concession, and was tied back into the Lorcan production facility on 24 June 2012.

Offshore, on the East Zeit “A” platform, the A22 development well was spudded on 30 April with the Sino Tharwa Bahari 1 jack-up rig and reached a total depth of 12,051 feet maximum depth in the Kareem Marker Formation. The well targeted an undeveloped area of the field with poorer reservoir quality, and after drilling a 1,426-foot horizontal section within the Marker reservoir, has now been completed as an oil producer. Production started on 25 June, at rates around 2,000 bbls oil per day.

Dana’s Managing Director in Egypt, Nick Dancer, said:
“Dana is very pleased with the continued drilling success through our Zeitco joint venture company, especially with the successful completion of the challenging A22 well. This is a significant well for extending the economic field life of the East Zeit field, which had its first oil production back in 1985 and demonstrates Dana’s commitment to invest in Egypt.”

Zeitco is an Egyptian joint venture company formed to operate the East Zeit Concession and subsequently the North Zeit Bay concession, on behalf of the equal shareholders, the Egyptian General Petroleum Company and Dana Petroleum. Dana Petroleum has a 100% working interest in both concessions.

Press Release