13 February 2016

Dana Petroleum hails Egyptian discovery

Robert Tyerman

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.

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