In the second quarter of 2015, the Company commenced a 3 rig
drilling program in the Nile Delta. Balsam-2 successful drilling and Balsam-3
discovery added 98 bcf to the field’s proven and probable reserves, bringing
gas initially in place to approximately 409 bcf (70 MMboe) across the both
Balsam fields. Balsam-2 well came on stream in late 2015 and along with
Balsam-1 and Balsam-3, the Balsam field is cumulatively producing 24
MMscf/d (5,000 boe/d including condensate) has partly offset the natural fields
decline. Based on Balsam-3 results, further 2 exploration wells and 1
development well are planned within development lease in 2016.
In May 2015, Dana Gas completed an agreement with BP for the
drilling of the first deep target exploration well (Mocha-1) in El Matariya
(Block-3) onshore concession area. Under the terms of the agreement, BP as
operator will carry Dana Gas for its 50% share of the cost of the well, subject
to an agreed cap of $39 million. Expected
spud date for Mocha-1 exploration well is mid April 2016. In
October 2015, circa 1,800 sq km of full fold 3D seismic was acquired in North
El Arish (Block-6) offshore concession area whereas related processing is
starting in first quarter of 2016. Drilling of the first exploration well in
Block-6 is scheduled in the first quarter of 2018. The reprocessing of circa
800 line km of 2D vintage seismic data of North El Salheya (Block-1) onshore
concession is scheduled during the first half of 2016 and 4 exploration wells
are planned in 2017.
The focus for 2016 will be to capture the full potential and
secure larger area in Balsam development lease through drilling of 2 additional
exploration and 1 additional development wells. Drilling campaign will continue
along with series of projects in the Nile Delta to increase the processing
capacity of rich gas to 250 MMscf/d before end of year.
In the Gulf of
Suez, Dana Gas holds a 26.4% interest in a LPG recovery plant with capacity to
extract up to 130,000 tons per annum of LPG from a gas stream of 150 MMscf/d.
The plant has processed up to its full capacity during the year.
Delta Dana Gas, via its subsidiary Dana Gas Egypt, owns a 100% interest in
three concessions onshore Nile Delta, the El Manzala, West...
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