United Arab Emirates-based Dana Gas says it has made a new discovery in Egypt's Nile Delta that holds an estimated 60 billion cubic feet of natural gas.
The company said in a statement Tuesday that the find in the El Wastani formation was made as it was drilling an appraisal well in the South Abu El Naga Field that also includes the Abu Madi formation.
Dana says initial tests produced 14.1 million standard cubic feet per day of gas from the Abu Madi formation and 5.9 million standard cubic feet per day of dry gas from El Wastani.
A separate development plan for the new find is being developed.
Dana's Egypt president, Hany Elsharkawi, said the discovery "represents a new era" of shallow wells that can be drilled inexpensively and quickly.