gaz de france strikes gas in egypt

Gaz de France Strikes Gas in Egypt

06-03-2008

Gaz de France and partner Dana Petroleum, a Scottish oil and natural gas explorer, have found gas in Egypt's West El Burullus concession.

The WEB-1X well encountered "good quality gas-bearing sands," Aberdeen-based Dana said Monday in a statement.

Tests showed the well may flow at 27 million cubic feet a day or more.

The two partners also said they discovered natural gas deposits in the West El Burullus concession where they hold an exploration and production license.

The license, covering a total area of 1,364 square kilometers, concerns an offshore concession in the Mediterranean to the northeast of Alexandria. It is held on a 50/50 basis by Gaz de France and Dana Petroleum.

Gaz de France Group is a major energy player in Europe. As the leading natural gas distributor in Europe, Gaz de France employs almost 50,000 employees and generated €27.4 billion in sales in 2007. The Group holds a portfolio of some 15 million clients, approximately 11 million of which are in France. Listed on the Paris Stock Exchange, Gaz de France is also part of the CAC 40 and Dow Jones Stoxx 600 indices.