Dana-EGPC joint venture approved

Dana Petroleum has received the approval for its joint venture with Egyptian General Petroleumonm Corporation from the Egyptian authorities. 

The JV called Petro Kareem will produce oil and gas from the Lorcan Development lease, within the North Zeit Bay concession, located onshore in the Gulf of Suez, 320km south east of Cairo.

Dana established a gas condensate field discovery through the Calumn-1x well which reached total depth of 5,300 feet on the 17 February 2011, encountering high quality gas bearing sands.

Shortly after this, Omar-1X well reached total depth of 5,605 feet on the 26 March 2011, also a gas condensate discovery, testing at 29.8 million cubic feet of gas per day.