The share of Dana Gas reserves in Kurdistan increases by 10% following the new audit

Dana Gas's share of hydrocarbon reserves in the Khor Mor and Chemchemal deposits in the Kurdistan region of Iraq (KRI) of Pearl Petroleum increased by 10% following the recertification of reserves, Dana said Sunday Gas.

The independent verification report, prepared by Gaffney Cline Associates (GCA) on behalf of Pearl Petroleum, showed that the total share of Dana Gas – 35% shareholder in Pearl Petroleum – now equals 1 billion barrels of oil equivalent , up from 990 million barrels of oil equivalent at the first field certification by GCA in April 2016. The measure is based on proven and probable hydrocarbons (2P).

"The Gaffney Cline Report has independently confirmed Dana Gas's 2P reserves in our KRI badets at over 1 billion barrels of oil equivalent and our belief that the Khor Mor and Chemchemal deposits will likely be the larger gas fields, not just in the Kurdistan region, Iraq. , but all of Iraq, making it world-clbad badets, "said Patrick Allman-Ward, general manager of Dana Gas, Sharjah.

Dana Gas's share of the Khor Mor and Chemchemal 2P reserves is 4.4 trillion cubic feet of gas, 136 million barrels of condensate, 13.3 million tons of LPG and 18 million barrels of oil. , the equivalent of 1 billion barrels of oil equivalent, compared to 990 million barrels of oil equivalent in April 2016, the company said.

"These additional resource statements will underpin our future development plans, which will provide a reliable source of energy to meet the power generation and industrial development needs in the region."

Dana Gas and Crescent Petroleum, its partner in the Sharjah-based Pearl consortium, operate the Khor Mor and Chemchemal fields. Earlier this year, partners announced that they would invest 700 million dollars (2.5 billion dirhams) under a sales contract with the KRG and a plan of sale. Expansion of gas badets.

As part of the 20-year gas sales agreement with the KRG, both parties will increase their gas production by 63% or 250 million standard cubic feet per day (scf / d) , to reach 650 million cfs / d by 2021, and 900 billion CFA francs / d by 2022. Condensate production from badets is expected to reach 35,000 b / d by the end of the year. here 2022.

In addition, Dana Gas announced that it was abandoning drilling activities in its deepwater Merak 1 well located in Block 6 in Egypt because it had not discovered commercially viable hydrocarbon reserves at the site. . The company's other operations in Egypt continue to function normally, the company said in a statement to the Abu Dhabi Stock Exchange, where its shares are traded.

Earlier this year, the company had recorded a net income increase of 150% in the first quarter of 2019, which stood at $ 35 million, due to an increase in production in KRI and a reduction of financing costs.