Dana finds gas in Egypt, again

Sharjah-based Dana Gas announced its third gas discovery in Egypt this year, expanding its reserves by about 20 per cent in the North African country that has provided most of the company's revenue to date. Dana said its al Tawil-1 well produced gas and condensate during tests at a rate of roughly 5,000 barrels of oil equivalent per day. It estimated recoverable reserves associated with the discovery at 90 billion cubic feet of gas and four million barrels of condensate — valuable liquids that are sometimes found with gas. The company said it plans to drill further exploration wells in the same area during the rest of this year and 2009. * WAM