UAE-based Dana Gas said on Tuesday 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 percent on the previous year.
The news drove shares as much as 6.3 percent higher on the Abu Dhabi stock exchange.
The company s average daily production rate for the period ending Dec. 31 was 34,750 barrels of oil and gas per day, up 20 percent 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. -Reuters