UAE-based Dana Gas said on Sunday it had made another gas discovery in Egypt, the firm's fourth gas find in the country. The well, South Abu El Naga-1ST in the Nile Delta region, has preliminary estimated reserves of 50 to 90 billion standard cubic feet of gas, with 1 to 2 million barrels of associated condense, Dana said in a statement. The well will be further appraised and development options studied, the company added. "The discovery at the South Abu El Naga-1ST well adds significantly to the company's hydrocarbon reserves," Dana's Egypt president, Hany Elsharkawi, said in the statement. Dana, the Gulf's only listed natural gas company, also said it started new production from the Sharabas & Faraskur fields in August via its El Wastani gas plant. Total Egypt production as at Aug. 31 stands at 230 million standard cubic feet per day, plus 7,000 barrels per day of condensate and LPG. Last month, Dana posted a net profit of 33 million dirhams in the second quarter, as its Egypt and Kurdistan operations delivered high output, but the results fell short of analysts estimates.
