Dana Petroleum hails Egyptian discovery

Oil and gas producer Dana Petroleum says it has discovered a new oil field at North Zeit Bay in the Gulf of Suez.

share news from Growth Company Investor

Share news from Growth Company Investor on companies quoted outside the FTSE 250


Oil and gas producer Dana Petroleum says it has discovered a new oil field at North Zeit Bay in the Gulf of Suez.

Oil and gas producer Dana Petroleum says it has discovered a new oil field at North Zeit Bay in the Gulf of Suez.

The fully-listed company indicates a drill stem test at its Fin-1X exploration well produced an average flow rate of 1,049 barrels of oil a day from this onshore prospect, which is only three kilometres from another recent discovery, Lorcan, which flowed 4,714 barrels a day in June. 

Dana, which currently produces from 36 oil and gas fields in Egypt, the UK, Norway and Holland, maintains the Fin-1X discovery, together with the Lorcan find, confirms ‘this area will be very attractive to develop’. The company has submitted a preliminary development plan to the Egyptian General Petroleum Corporation.

Highlighted by Growth Company Investor at £10.65p early last year, Dana shares now change hands at £17.10p. Partial profit taking might be prudent, but it could be worth holding on to a chunk for potential future gains.

Comments (0)