UAE-based Dana Gas said it hit its target in Egypt by achieving a production rate in excess of 40,000 barrels of oil and gas per day for 2009, an increase of 27 per cent on the previous year.
The news drove shares as much as 6.3 per cent higher on the Abu Dhabi stock exchange.
The company's average daily production rate for the period ending December 31 was 34,750 barrels of oil and gas per day, up 20 per cent from 2008, it said in a statement.
Dana Gas, which relies on Egypt for the bulk of its income, said it made its ninth gas discovery in the country from the Orchid-1 well. This new discovery follows its eight gas discoveries in the country announced throughout 2009 – Salma-1, West Manzala-2, Azhar-1, Tulip-1, etc.
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