Updates from July, 2013

• Dana Gas has announced that it has discovered gas at an onshore test well on the West El Manzala concession in the Nile Delta, Egypt – The Begonia-1 discovery well encountered 15 metres of net pay in a good quality sandstone reservoir of the Lower Abu Madi Formation. On test, the formation produced 266,178 standard cubic metres of gas with 133 barrel condensate.

• Global oil prices of both Brent and WTI indices have remained above US$100 per barrel on the back of Egypt’s political tensions.
• Egypt’s oil sector projects face ongoing uncertainty – Egypt remains a short-term project risk despite Mohamed Mursi’s removal.