DANA PETROLEUM HAS agreed to acquire a 50 per cent interest from BG International in the El Manzala Offshore Area Concession in the Mediterranean Sea, offshore Egypt. The transaction is subject to regulatory approvals.
The PSC area covers around 630 sq km in the offshore Nile Delta region. According to Dana, the acreage already has significant coverage of 2D and 3D seismic data.
To earn its 50 per cent stake, Dana will fund the cost of the next planned exploration well up to an agreed cap. The company believes this area is prospective in both the Pliocene play, analogous to its WEB-1 and Papyrus gas discoveries in the West El Burulus concession, with further prospectivity in deeper, high pressure horizons.