Abu Dhabi-Mubasher: Dana Gas is pleased to announce outcome of two successful wells in the Balsam Development Lease in the Nile Delta, according to Dana Gas CEO Patrick Allman-Ward.
"Both Balsam 2 and 3 wells had excellent results and initial estimates indicate a 2P reserve addition of about 165 Bcf, with a high condensate yield," he noted.
The wells open up further development potential that will be pursued in 2016, added Allman-Ward.
“The market remains extremely tough on producers but Dana Gas continues to be resilient and our focus on managing our cost base is yielding positive results,” the statement said, adding that “it has helped us to partially offset the low oil price environment and reduction in production to post a nine-month net profit of $10 million.”
Abu Dhabi-listed firm is making a progress on its Zora Gas Field project; all construction works for the onshore plant were completed and the pre-commissioning and commissioning works started. Production capacity will be approximately 40 MMscf/d gas (6,650 boepd). First gas is due on-stream before year end.
The natural gas firm posted a sharp decline in profits by 99% to AED 37 million ($10 million) in the nine-month period ended 30 September 2015, compared to AED 472 million ($129 million) in the same period of 2014.
