E&P

Dana Gas reports good operational results

Dana Gas PJSC, the Middle East’s regional private sector natural gas company, has announced encouraging results from its Egypt drilling programme, together with the receipt of additional payments totalling AED 79 million (US$21.5 million), marking the full settlement of all overdue receivables in Egypt and the continuation of payments by the Egyptian Government

The progress achieved in Egypt reflects the combination of an improved fiscal framework under the Consolidated Concession Agreement, constructive cooperation with the Egyptian Government, the closure of all overdue receivables, and Dana Gas' continued investment in its asset base. The full settlement of overdue receivables and continued timely payments have strengthened the business’ confidence in further investment in Egypt, alongside the Government’s ongoing efforts to encourage upstream investment, increase domestic gas production and reduce reliance on imported LNG.

Dana Gas has been actively executing its US$100mn investment programme, focused on stabilising production and restoring growth across its Nile Delta portfolio. The company delivered a return to production growth in the first quarter of 2026, with average production increasing 4% year-on-year to 13,060 boepd, marking the first increase in output since 2017.

In 2025, the company successfully drilled four wells and carried out workovers across three additional wells, adding approximately 30 MMscf/d of production and 36 Bcf of reserves.

More recent drilling activity has delivered results significantly above expectations. The latest well has identified an estimated 10 Bcf of gas reserves, significantly exceeding the original prognosis of 3 Bcf. The result opens up additional development and exploration opportunities across the licence area and has the potential to contribute approximately 12 Bcf of future gas resources once developed. Dana Gas plans to drill four further wells before the end of 2026.

Richard Hall, chief executive officer, said, “The Egyptian Government’s settlement of all outstanding receivables and the return to full, timely payments are important developments that give us greater confidence to continue investing in Egypt. Combined with the progress we have made operationally over recent months, this demonstrates the benefits of the investment programme that we continue to execute. 

"We are already seeing tangible operational results. Production returned to growth in the first quarter for the first time since 2017, and our latest well results have exceeded expectations.

"The most recent well has identified significantly more gas resources than originally anticipated, highlighting both the quality of our acreage and the opportunities that remain across our portfolio. The result opens up additional development and exploration potential and further strengthens our confidence in the long-term outlook for the Egypt business."

Hall also acknowledged the support of the Ministry of Petroleum and Mineral Resources, EGPC and EGAS, and their efforts to encourage investors in the energy sector to increase domestic gas production and reduce country’s dependence on gas imports.

These efforts are paying off, with a number of discoveries being made recently. They include the oil and gas discovery by Agiba Petroleum Company, the joint venture between the Egyptian General Petroleum Corporation (EGPC) and Eni, in the Western Desert; a gas discovery made by Eni in the Nile Delta region, following its gas and condensate discovery in the Temsah concession in the Eastern Mediterranean; and a gas discovery by the USA's Apache, in collaboration with EGPC, in the Western Desert.

Prime Global to farm-in on PEL96 offshore Namibia.

Tower Resources has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy (MIME) for the farm-out of the PEL96 license, offshore Namibia, to Prime Global Energies Limited (Prime)

This means the only outstanding condition precedent under the PEL96 farm-out contract that was announced last January is now finalised. The Company will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and Tower's partners, with completion expected to follow shortly.

The Company is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited (TRNL) of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd ("ZM") (together, the "Parties"), announced on 7 March 2025. As a result of the delay, the Parties are no longer bound to complete the acquisition of this interest, but are continuing to discuss its execution.

Tower Resources Chairman & CEO, Jeremy Asher, said, "We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process. We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia."

MOL Group signs a production sharing agreement with partners.

MOL Group has signed a production sharing agreement with its partners, Repsol and Türkiye Petrolleri A. O. (TPAO) for an offshore exploration area in the Mediterranean Sea, after being granted an exploration licence by LIbya's NOC

The project will contribute to the revitalization of Libya’s oil and gas industry and marks a strategic milestone for Central Eastern Europe’s energy security, according to MOL.

The signing of the production sharing agreement represents a significant step in advancing exploration activities in Libya. MOL Group entered the country earlier this year through a successful bid with its JV partners for an offshore exploration licence in Libya’s first bidding round for 18 years, which attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential. Five blocks were awarded, with MOL (20%) together with Repsol (40% as operator) and TPAO (40%), being awarded the O7 offshore block.

The O7 block covers more than 10,300 km² in water depths exceeding 1,500 meters, located approximately 140 kilometres northwest of Benghazi. Its deepwater setting aligns with the consortium’s extensive offshore experience.

Activities in Block O7 will include the acquisition of 1,500 km 2D and 2,300 km² 3D seismic data and the drilling of one exploration well.

“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalisation of Libya’s oil and gas industry and we are honoured to be part of it. Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa. We are committed to contributing our expertise to Libya’s economy, while also strengthening the energy security of Central Eastern Europe through a new source.“ said Zsombor Marton, executive vice president of MOL Group Exploration and Production.

The announcement follows the signing of a new strategic partnership between MOL Group and Libya’s National Oil Corporation (NOC) in January 2026 which involves exchanging expertise, deepening technological cooperation, and identifying new business opportunities that strengthen both organisations' international presence and future growth. Areas of potential co-operation included hydrocarbon exploration and production, technological and field development innovations, oilfield services opportunities in Libya, crude supply and trading activities.

MOL is looking to expand its international portfolio to maintain its strategy target of at least 90,000 barrels of oil equivalent/day production level over the next five years.

Libya’s oil production currently stands at around 1.4mn bpd. NOC aims to produce 1.6mn bpd by the end of 2026, rising to 2mn bpd in the medium term, and sees the participation of international companies as crucial to achieving its growth plans. Libya’s NOC has also signed production sharing agreements recently with Spain’s Repsol, in partnership with the Turkish Petroleum Corporation (TPAO); and Eni, in partnership with QatarEnergy.

The Company is drilling additional wells in 2026.

With a drilling programme ongoing offshore Gabon, VAALCO Energy has reported impressive initial well results on the Ebouri-5H well and has mobilised a rig to the SEENT platform 

Successfully drilled, completed and placed on production the Ebouri-5H development well at the top of the structure with a lateral of 300 meters of net pay in high-quality Gamba sands. Tyhe company read excellent initial flow rate, which shot past 8,000 gross barrels of oil per day, 4,700 bopd net to Vaalco, with very low water cut.

The company aimed directional drilling of the slant well, lying adjacent to GMF-1X discovery well so that gas and condensate resources in the Dentale D15 reservoir from the crest of the North Tchibala structure can be accessed for operational use.

Natural gas obtained in this manner can be leveraged directly, significantly reducing the costs of higher priced diesel that is currently transported to the field by vessel. 

In line with its 2026 onshore drilling schedule in Egypt, the company has completed drilling of the first well in the region. The HE-9 development well that has encountered 26 meters of net pay in the Asl B reservoir is now placed on production. The well has  achieved excellent initial flow rate of 529 gross BOPD, above Vaalco’s predrill expectations.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are very pleased with the continued positive results from our Gabon drilling campaign. The Ebouri-5H development well encountered 300 meters of net pay in high-quality Gamba sands in a crestal position within the Ebouri field. The well was brought online with initial rates exceeding 8,000 gross BOPD, or 4,700 net BOPD. We have mobilized the rig to the SEENT platform where we plan to drill two development wells. Our goal is to continue to successfully add production and reserves with the remainder of our Gabon drilling campaign. In Egypt, given the success of the 2025 drilling campaign, including captured efficiencies and accelerated technical subsurface evaluation, the Company is drilling additional wells in 2026. We completed and placed on production the HE-9 development well in early June, the first well in our 2026 drilling program, and are very pleased with the strong IP rates. With the Baobab field successfully restarted and the continued successes in the Gabon and Egypt drilling campaigns, we have many positive achievements year to date, and we believe that the remainder of 2026 will be profitable. We remain focused on execution and driving meaningful growth through our organic capital programs that we believe will translate into value for our shareholders in 2026 and beyond.”