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UAE's Dana Gas Hits Egypt 2009 Target, Discovers Well - ASHARQ AL-AWSAT English Archive
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DUBAI (Reuters) – UAE-based Dana Gas said on Tuesday it hit its target in Egypt by achieving a production rate in excess of 40,000 barrels of oil and gas per day for 2009, an increase of 27 percent on the previous year.

The news drove shares as much as 6.3 percent higher on the Abu Dhabi stock exchange.

The company’s average daily production rate for the period ending December 31 was 34,750 barrels of oil and gas per day, up 20 percent from 2008, it said in a statement.

Dana Gas, which relies on Egypt for the bulk of its income, said it made its ninth gas discovery in the country from the Orchid-1 well.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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