Dana Gas says it has made a gas discovery well beyond expectations in Egypt’s Nile Delta, just as the Egyptian government finishes settling all outstanding payments owed to the company.
The latest well identified an estimated 10 billion cubic feet of recoverable gas, more than three times the original 3 billion cubic foot forecast, with potential for a further 12 billion cubic feet nearby. The find comes on the back of a $21.5 million payment from Cairo that clears all of Dana Gas’s overdue receivables, part of a broader improvement in payment discipline that the company says has boosted its confidence to keep investing in the country.
During the first quarter of 2026, Dana Gas lifted average production 4 percent year-on-year to 13,060 barrels of oil equivalent per day, its first annual growth since 2017. Across 2025 the company drilled four wells and completed workovers on three more, adding about 30 million cubic feet a day of gas and 36 billion cubic feet of reserves as part of a $100 million investment programme; four additional wells are planned before the end of 2026.
Chief executive Richard Hall credited the settlement of receivables and steadier payments for giving the company a stronger foundation to keep investing, while pointing to backing from Egypt’s Ministry of Petroleum, the state’s EGPC and EGAS agencies. The discovery adds to a run of recent finds in Egypt from operators including Agiba Petroleum, Eni and Apache.
Source: (worldoil.com)