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28 07 2019
· Record for the first time more than 50 million barrels of oil in the Khoramur field
• Dana Gas's share in Khorormor and Chamchamal reserves has reached more than one billion barrels of oil equivalent, confirming the global level of these fields.
· Two new gas lines are expected to generate additional annual revenues of $ 350 million to $ 400 million for the company by 2023.
Dana Gas PJSC (the largest privately held natural gas company in the Middle East) has announced a 10% increase in its proven and potential reserves in the Pearl Petroleum fields of Khurmur and Chamchamal, Gaffney Klein & Associates recently announced reserves of two deposits.
Proven and potential high reserves
The independent report published by Gaffney Klein & Associates, on behalf of Pearl Petroleum, confirms that the total share of Dana Gas's reserves in Pearl Petroleum has increased by 10%. 1,087 million barrels of oil equivalent against 990 million barrels of oil equivalent, according to the first report on reserves published by the company "Gavin Klein and Associates" in April 2016.
This confirms the possibility that these two deposits are located in the Kurdistan region of Iraq, the largest gas field in Iraq as a whole. The company's reserves were strengthened following the registration of oil reserves for the first time in the Khorormur field.
Latest reports by Gavin Klein & Associates show that Dana Gas's proven and potential Khorormur and Chamchamal reserves represent 4.4 trillion cubic feet of gas, 136 million barrels of condensate, 13.3 million tons of LPG and 18 billion cubic feet of gas. millions of barrels. Petroleum, equivalent to 1,087 million barrels of oil equivalent. In a previous report published in April 2016, Gaffney Klein & Associates confirmed that Dana Gas's proved and probable reserves in Khor Mor and Chamchamal represented 5.3 trillion cubic feet of gas and 109 million barrels of condensate. 990 million barrels of oil equivalent.
Patrick Ward, President and CEO of Dana Gas, said:
In its independent report, Gaffney Klein & Associates confirmed that Dana Gas's proven and probable reserves in its fields in the Kurdistan region of Iraq exceeded one billion barrels of oil equivalent, reinforcing our belief that two larger gas fields with huge potential are the deposits. " In the region and throughout Iraq, which will strengthen their global reputation. We are also happy to have our listeners register the oil reserves officially and for the first time in the Khororm field. This is an important step in confirming our estimates of potential oil resources, which are expected to exceed 7 billion barrels of oil. "The announcement of these additional reserves confirms that we are moving forward in the implementation of our future development plans, which will provide a reliable source of energy, able to meet the needs of power generation and electricity generation. to meet the demands of the growth of the industrial sector, in the interest of the people of the region and of Iraq as a whole ".
Future expansion projects
It should be noted that the company "Pearl Petroleum" signed earlier this year a gas sales agreement with the Kurdistan Regional Government of Iraq for 20 years. Under the agreement, the company will be able to increase production and gas sales by 250 million cubic feet per day. Pearl Petroleum wants to increase its production from 400 million cubic feet to 650 million cubic feet per day by 2022, and to 900 million cubic feet per day by 2023, adding two new lines of gas production. With prices per barrel ranging from $ 60 to $ 70 per barrel, each of these lines will generate additional annual revenues of between $ 175 and $ 200 million, which will be added to the company's share of revenues and cash flows. related to the project.
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About Dana Gas
Dana Gas is the largest and largest private gas company in the Middle East. It was established in December 2005 and is listed on the Abu Dhabi Stock Exchange (ADX). Dana Gas has badets in gas exploration and production in the United Arab Emirates, the Arab Republic of Egypt and the Kurdistan region of Iraq, with a production rate of 68,700. barrels of oil equivalent per day and proven and potential gas reserves of more than one billion barrels of oil equivalent in 2018. Under the huge badets of the company in Egypt and in the Kurdistan region Iraq and the United Arab Emirates and its expansion plans, Dana Gas plays a leading role in the fast-growing natural gas sector in the Middle East, North Africa and in South Asia. For more information, visit www.danagas.com.
For media inquiries and investor relations, please contact:
Mohammed Al – Mubaidain
Investor Relations Manager
© Press Release 2019
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