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7/26/2010 - DANA PETROLEUM EXPANDS HOLDINGS OFFSHORE EGYPT |
| Dana Petroleum inked an agreement with BG International Limited to acquire a 50% interest in the El Manzala Offshore Area Concession, located in the Mediterranean Sea, offshore Egypt.
The El Manzala Offshore Area Concession is a large PSC area, covering approximately 630 sq. km, situated in the prolific offshore Nile Delta area of Egypt. The area already has significant coverage of both 2D and 3D seismic data. Dana will fund the cost of the next exploration well up to an agreed cap in order to earn the 50% interest.
Dana has assessed that this area is prospective in both the Pliocene play, analogous to Dana’s two gas discoveries in the West El Burulus concession (WEB-1 and Papyrus), as well as having further prospectivity in the deeper high pressure horizons. |
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