Abu Dhabi – Mubasher: Dana Gas has secured $50 million (AED 184 million) from the Egyptian Government to support its drilling program, according to a press release.
Since its consolidation agreement with the Egyptian Government began in December 2024, Dana Gas has drilled four wells, including the recent North El-Basant 1 discovery that is estimated to hold 15 bcf of recoverable gas.
These wells successfully added 18 mmscfd of production and a material increase in reserves.
As for 2026, the company plans to drill seven further wells, with the next exploration well expected to spud in January.
It has also conducted a workover program across three wells, adding nine mmscfd of production.
The ADX-listed company seeks to deliver its 11-well investment program this year, contributing over $1 billion in economic savings by displacing imported LNG and mazut with domestic production.
Richard Hall, CEO at Dana Gas, commented: “This latest payment, which will help fund our investment program in Egypt, acknowledges the importance of timely payments to ensuring the successful delivery of our drilling program.
Hall added: “Thanks to the robust support provided by the Egyptian government, our investment program is already yielding positive outcomes. We have successfully brought new gas production online, and additional wells are scheduled to follow.”
The CEO affirmed that the program “contributes directly to the national economy by supporting domestic gas supply and reducing the need for imports.”
Under its $100 million investment program, Dana Gas maintained steady progress in Egypt, where drilling and recompletion activities are ongoing following the successful results of Begonia-2 and Balsam-3 wells.
