Dana Gas announces it was a successful bidder in the Egyptian Natural Gas Holding Company 2012 International Bid Round that took place on 18th April 2013. The Company has also been pre-qualified as a non-operator in Lebanon’s 1st Offshore Licensing Round.

The Company was awarded 100% working interest in the North El Arish Offshore (Block 6) concession area. The area is located offshore Nile Delta, in the eastern part of the Mediterranean Sea, in water depths of up to 1,000 meters and covering an area of 2,980 km². The concession has an 8 year exploration period comprised of three phases starting with an initial four year exploration period and two additional two year extension periods.

A 20 year development lease period will be granted based on approved commercial discovery. It is expected that the new concession will be awarded in late 2013 following completion of the necessary procedures, which concludes when the concession is passed into law after approval by the competent authorities.

Tags: Dana Gas