Dana Gas , an energy company based in the United Arab Emirates, has made two new gas discoveries in Egypt, it said Sunday.
Preliminary estimates show the discoveries adding between 17 million and 95 million barrels of oil equivalent to Dana ‘s reserves, the company said in an emailed statement. The discoveries, located in the Nile Delta basin, are close to Dana ‘s existing Egyptian operations, it said.
Patrick Allman-Ward, the general manager of Dana Gas Egypt, said the company would develop the new discoveries quickly.
While Dana is the sixth-largest gas producer in Egypt, the company has struggled with unpaid bills for its products there. It had trade receivables of 754 million U.A.E. dirhams ($205 million) at the end of the third quarter, its financial statements show.
