London– British oil and gas explorer Dana Petroleum said it discovered a new oil field in Egypt, after its Fin-1X well encountered good quality oil bearing sands.
Dana, which owns and operates Fin-1X, said the well was drilled to a depth of 10,038 feet and flowed at 1,049 barrels of oil per day.
The company said Fin-1X, along with the Lorcan oil field discovered in the region last month, were estimated to have initial reserves of 10 million to 12 million barrels of oil and offered considerable upside potential.
Last week, Korea National Oil Corp raised its takeover offer for Dana, valuing it at 1.67 billion pounds.
Shares of Dana Petroleum were up 0.35 percent at 1716 pence at 0812 GMT on Friday on the London Stock Exchange.