Nicosia, Dec 30 : Dana Gas country Director for Egypt Hany Elsharkawi has announced a new important gas and condensate discovery at the El Basant-2 well, in the West El Manzala Concession in the Nile Delta.

Dana Gas is the sixth biggest natural gas producer in Egypt and the first regional private sector natural gas company in the Middle East.

Elsharkawi said Dana Gas was by quite satisfied with the new discovery, which combined with other recent discoveries, showed that the company''s plans were well conceived.

He added that Dana Gas already applied for a development lease, which it expected to be granted soon.

"We anticipate a production start-up by the end of March 2009," he said.

Dana plans to transport the hydrocarbons produced from the well through a pipeline to its El Wastani field facilities, which lie about ten kilometres to the north of the well.

Meanwhile, the company also announced that it had started production from the Grouse oil field where it holds a 50 per cent working interest, while Venture Production holds the remaining 50 per cent. (ANI)