Dana's Fin-1X exploration well has discovered a new oil field, in the North Zeit Bay Production Sharing Contract (PSC) area onshore in the Gulf of Suez. The new discovery follows the finding of the Lorcan oil field, made last month in the same PSC area. The Fin-1X well drilled to a depth of 10,038 ft, approximately 3km from the Lorcan discovery, promises good quality oil bearing sands in the Kareem formation.
The Fin discovery together with Lorcan, which flowed at 4,714 b/d confirms that the area will be lucrative in terms of development and production. A preliminary development chart has been submitted to the Egyptian General Petroleum Corporation (EGPC) for approval, and according to Dana's estimates that these two discoveries have proven up initial reserves of 10-12 million barrels of oil.
Once all the plans are approved by the EGPC, and the Egyptian Ministry of Petroleum and Mineral Resources, Dana intends to negotiate early oil production with EGPC. The full development plan is to tie production from this PSC area back to the East Zeit oil and gas processing plant, which is situated just 15km to the south east of the Lorcan and Fin oil fields. Drilling on the North Zeit Bay concession will also continue in 2011.
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