Dana Gas PJSC announced that earning for the first quarter of this year jumped 180 per cent over its 2010 results to hit US$25mn.
The rise in earnings was put down to the high price of Brent crude and LPG coupled with increased production levels.
Production increased in aggregate by 34 per cent, from the company's operations in Egypt, where new discoveries continue to be brought into production, and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase.
Dana Gas Egypt's operations have continued to deliver strong results producing 4.25mn barrels of oil equivalent during the first quarter, an increase of 20 per cent compared to the same period last year, which included production from the Ward Delta and West Ward Delta fields which were brought on stream in March 2011.
The company drilled one unsuccessful exploration well during the period and after the end of the period, in early May, announced a new discovery at South Abu El Naga-2 in the West El Manzala Concession. This well, which was drilled as an appraisal of the previously announced South Abu El Naga Field, successfully appraised this discovery and in addition added a new pool discovery, which is estimated to contain in excess of 60 billion cubic feet of gas.
In the Kurdistan Region of Iraq, Dana Gas, produced 1.75mn barrels of oil equivalent of gas, condensate and LPG during the period, an increase of 80 per cent over the same period in 2010.
Construction of the LPG Plant at Khor Mor is now complete and production of LPG has commenced. Gas production from Khor Mor will increase as demand from the power stations increases and as new customers in the region are established.
Dana Gas Chief Executive Officer, Mr. Ahmed Al Arbeed, commented: "Dana Gas' impressive exploration performance in Egypt continues with our twenty second discovery in the Nile Delta, of which we are particularly proud as we have continued our operations uninterrupted throughout the changes to the Egyptian political landscape. Furthermore, with the successful completion of our gas processing plant in the Kurdistan Region of Iraq, we continue to demonstrate the depth of our operational excellence, and we are now producing gas, condensate and LPG."