Dana Gas has second Egypt find

The company estimates that the reservoir it found in the Nile Delta holds up to 6 billion cubic feet of gas. It is the company's second find in Egypt this year.

"The well is an excellent start to 2012 drilling in the Nile Delta. We still have a sizeable portfolio of drillable prospects and our exploration activity will continue throughout the year, as will our development activities," said Patrick Allman-Ward, the general manager at Dana Gas in Egypt. The company is the sixth largest producer in Egypt.

Sluggish and insufficient payments in Egypt and in Kurdistan, home to Dana's primary production sites, have thrown the company's finances into turmoil. Questions have been raised over its ability to repay the principal of a US$1 billion (Dh3.67bn) sukuk that matures at the end of the month.