Dana bullish over Morocco leads

Dana Petroleum and its partners have identified 26 new prospects and leads in the Tanger-Larache concession offshore Morocco.

Offshore staff

ABERDEEN, UK -- Dana Petroleum and its partners have identified 26 new prospects and leads in the Tanger-Larache concession offshore Morocco, in addition to last year’s Anchois gas discovery.

The partners are acquiring a 1,300-sq km (502-sq mi) 3D seismic survey covering the most prospective targets, which is currently 50% complete. They also plan a controlled source electromagnetic survey.

Resultant data will be integrated with existing seismic and used to high-grade offshore prospects prior to the resumption of drilling in 2011.

Offshore Mauritania, Dana has secured a newbuild semisubmersible rig from Maersk to drill the Cormoran structure in block 7, under a joint program with Petronas Carigali which will use the rig to drill in neighboring block 6. The well on Cormoran, a 2-3 tcf prospect, is expected to spud this fall.

To the south, Dana received confirmation on May 10 of the Presidential Decree of the Arrêté approving the assignment of a 23% interest held by Hyperdynamics in the Guinea offshore production sharing contract.

The partners have sanctioned an extensive program of 3D seismic acquisition for mid- 2010 which will infill previously acquired 2D seismic across their main targets. Plans are to drill the first well before the end of 2011. Dana says its technical evaluation of the current seismic and hydrocarbon seep data sets looks encouraging

Elsewhere in northern Africa, Dana is drilling the Bamboo prospect, offshore Egypt’s Nile Delta. The complex high-pressure/high-temperature well currently is drilling through high pressure zones above the target horizon, with casing recently set at a depth of around 2,960 m (9,711 ft).

Dana’s second well on the West El Burullus concession, offshore Nile Delta, earlier this year discovered around 75 bcf of gas at the Papyrus prospect, in line with the pre-drill prognosis. This, combined with the previous WEB-1 gas find, suggests there are sufficient reserves to progress discussions and studies concerning development of the two Pliocene structures.

Another of Dana’s recent wells, RAD-3x, offshore Gulf of Suez, was dry. However, the company is pursuing further exploration opportunities in Egypt. It is also considering workovers in its producing East Zeit field.

05/18/2010

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