document: In early October 2019, Dana Gas updated on the divestment of its Egyptian assets. The companyâs CEO, Patrick Allman-Ward, confirmed that several offers were received and were being evaluated. The deadline to submit offers is 15 November 2019.  In late July 2019, it was reported that Dana Gas intends to sell all its Egyptian assets. Danaâs holdings in the country include the North El Arish Offshore block located in the Eastern part of the Mediterranean area as well as four production concessions and one exploration block located onshore. The production concessions are made of 14 blocks covering together 417 sq km onshore northeastern Nile Delta. The exploration block, El Matariya Onshore is operated by BP and Dana Gas has a 50% stake. In 2018, the production of Dana Gas in Egypt was 34,500 boe/d, essentially gas. The company has retained investment bank Tudor, Pickering, Holt & Co to manage the sales process. Dana Gas made this strategic decision to leave Egypt in order to focus on the Kurdistan assets.  The company abandoned the Merak 1 deep water wildcat in the North El Arish Offshore exploration block in late July 2019. The company failed to find commercial hydrocarbons in the well. Before drilling, Dana Gas CEO Patrick Allman-Ward said: âIf the geology works out the way that we think it will, then in the success case it could be a 4-6 Tcf of gas reserve".   The targets are mainly in the Tertiary (Pliocene and Miocene) with potential secondary targets in the Mesozoic (Cretaceous) in the southern part of the block (Syrian Arc).  The North El Arish Offshore block is adjacent to the border with Israel and Palestinian Territories.   Background Information  Dana Gas announced on 18 February 2014 that it had signed an agreement for the Block 6 (North El Arish Offshore). The company is committed to spending USD 71.5 million, paying a signature bonus of USD 20 million and drilling three wells. The Block, which was included in the Egyptian Natural Gas Holding Companyâs (EGAS) 2012 international bid round, was awarded to Dana Gas on 22 April 2013. It covers 2,980 sq km and lies in water depths from 20 to 1,000 m. The agreement includes an eight-year exploration period with 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 in case of commercial discovery.  In late November 2015, Dana Gas completed a 1,800 sq km 3D seismic survey in the deepwater North El Arish Offshore exploration block.
summary: In early October 2019, Dana Gas updated on the divestment of its Egyptian assets. The companyâs CEO, Patrick Allman-Ward, confirmed that several offers were received and were being evaluated. The deadline to submit offers is 15 November 2019. In late July 2019, it was reported that Dana Gas intends to sell all its Egyptian assets. Danaâs holdings in the country include the North El Arish Offshore block located in the Eastern part of the Mediterranean area as well as four production concessions and one exploration block located onshore