Dana discovers new gas deposit

Gas PJSC, an energy producer focused on Egypt, found natural gas at the South Abu El Naga-2 well in the Nile Delta region, leading to the discovery of a new formation of hydrocarbons. The reservoir, called the El Wastani formation, may hold more than 60 billion cubic feet of gas reserves, Dana Gas said in a statement on Tuesday, citing preliminary estimates. The Abu Madi Formation, the existence of which was known, may hold as much as 90 million cubic feet of gas reserves, it said. Dana Gas drilled the South Abu El Naga-2 well to appraise the previously announced field of the same name and produced gas at a rate of 14.1 million cubic feet a day with 718 barrels of condensate. The El Wastani Formation produced 5.9 million cubic feet a day of dry gas, the company said.