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Growing production boosts Dana Gas 2011 results

Gas

Dana Gas had a very strong 2011 and posted net profits of US$137.4mn, an increase of 220 per cent over US$43mn in 2010, reflecting growing production and higher oil prices last year.

Ahmed Al-Arbeed, Chief Executive Officer of Dana Gas, commented: “We are proud of the Company’s strong operational performance in 2011, particularly given the challenging environment. We have successfully continued to grow our reserves and production.”

The Group’s Net Production averaged 66,200 barrels of oil equivalent per day (boepd) from its interests in Egypt and the Kurdistan Region of Iraq for 2011. This represents a year-on-year increase of 19 per cent.

In the Kurdistan Region of Iraq, the Company continued to increase its production, achieving an average rate of 23,700 boepd (2010:13,200 boepd). The first LPG plant train was commissioned in January 2011, and the second LPG train in April 2011.

In 2011, the Group conducted a multi-well exploration and appraisal programme drilling 6 wells, with a 50 per cent success rate. All of the wells were drilled in the Nile Delta concessions, with South Abu El Naga-2, Iris-1 and South Faraskur-3 adding new resources.

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