Dana Gas announced significant drilling success in Egypt, with its latest well identifying an estimated 10 Bcf of gas reserves, substantially exceeding the original estimate of 3 Bcf. The company also confirmed that the Egyptian Government has settled all overdue receivables and continues to make payments in full and on time.
According to the company, the latest discovery could unlock additional development opportunities across the licence area, with the potential to add a further 12 Bcf of future gas resources.
Key highlights:
• Latest well identified an estimated 10 Bcf of gas reserves
• Discovery exceeded the original estimate of 3 Bcf
• Potential to add a further 12 Bcf of future gas resources
• Egyptian Government has fully settled all overdue receivables
• Dana Gas recently received AED 79 million (USD 21.5 million) in additional payments
• Company plans to drill four more wells before the end of 2026
Dana Gas stated that the settlement of all outstanding receivables, together with continued timely payments from the Egyptian Government, has strengthened confidence in increasing investment across its Egyptian operations.
The company is currently executing a USD 100 million investment programme aimed at stabilising production and restoring long-term growth across its Nile Delta portfolio. As a result, average production during the first quarter of 2026 increased 4% year-on-year to 13,060 boepd, marking the first production growth recorded since 2017.
During 2025, Dana Gas successfully drilled four wells and completed workovers on three additional wells, adding approximately 30 MMscf/d of production and 36 Bcf of reserves.
CEO Richard Hall said the combination of full payment settlement, improving operational performance and stronger drilling results provides greater confidence to continue investing in Egypt and expand production over the coming years.
Source: Dana Gas
Disclaimer: This post is for informational purposes only and should not be considered investment or financial advice.