Dana Egypt Drillship In Place, Eyes London Listing

The Tungsten Explorer drillship of UAE firm Dana Gas on 13 May arrived at the Merak Prospect in the Egyptian Mediterranean, where the firm plans to spud a high-impact wildcat well. Speaking on the firm’s 6 May, Q1 earnings call, CEO Patrick Allman-Ward says once the well is spudded, it will take around 60 days to drill, with preliminary results expected in the third quarter ( MEES, 10 May ).

The well is just 40km to the east of Italian firm Eni’s Nour discovery announced in March, itself located 50km north of the Sinai Peninsula in 295ms depth ( MEES, 15 March ).

Mr Allman-Ward also revealed that the firm is reviving plans to list in London. Currently trading on the Abu Dhabi Securities Exchange, Dana’s CEO told investors that a foreign listing would “most likely be [on the] London Stock Exchange but it is not yet confirmed.” (CONTINUED - 142 WORDS)