CAIRO: Dana Petroleum, the British oil and gas giant, announced that it has discovered its second gas find off the Egyptian coast. The company said it is encouraged by the find and plans to go ahead in the next few weeks with deeper drilling in a nearby prospect, the company said in a statement on Wednesday. It said that this discovery was in the West el-Burullus concession just off the Nile Delta north of Egypt. According to reports, this area is owned in partnership with Egyptian company GDF Suez. Well flow rates from the latest discovery at the Papyrus-1X well, which followed a previous find at the neighbouring WEB-1X well, were up to 33 million standard cubic feet per day with 442 barrels of condensate a day, Reuters news agency reported. “The Papyrus discovery reinforces the attractiveness of other prospects already identified within the West El Burullus concession, including larger targets at the deeper Miocene and Oligocene levels,” said Dana's chief executive Tom Cross, adding that the company would move on to drill the deeper and larger Bamboo structure in the coming weeks. Dana said it would now analyze the commercial viability of the two discoveries, saying that together with its partner it was evaluating their combined early development. BM
