Egyptian zeitgeist blows Dana’s way

Takeover talks: Dana Petroleum chief executive Tom Cross

By Vahe Petrossian and Iain Esau London

 06 August 2010 01:24 GMT

Aberdeen-based Dana Petrol­eum has made a second find since June at its North Zeit Bay asset in Egypt and has submitted a preliminary development plan to state-owned Egyptian ­General Petroleum Corporation.

Dana, which was due to hold talks this week with Korea ­National Oil Corporation following a £1.7 billion ($2.7 billion) take­over approach by the South Korean state company, estimates initial reserves of between 10 million and 12 million barrels of crude, with the potential for considerable upside.

Fin-IX was drilled to a little more than 10,000 feet close to the shore of the Gulf of Suez, about three kilometres from the earlier Lorcan discovery.

The well delivered an average flow rate of 1049 barrels per day through a 52/64-inch choke.

The full development plan…

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