BP makes significant gas discovery in Egypt

By ASSOCIATED PRESS
November 24, 2010 17:43

 
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LONDON — BP PLC says it has made a significant gas discovery in Egypt's west Nile Delta.

The London-based company's shares are up 1.4 percent at 434.85 pence ($6.87) on the London Stock Exchange after Wednesday's announcement.

BP says that further appraisal of the Hodoa discovery, located some 80 kilometers (50 miles)west of Alexandria, is underway.

BP operates and owns 80 percent of the West Mediterranean deepwater concession with RWE Dea holding the remaining 20 percent. Hodoa was drilled by the Pride North American semi-sub rig in a water depth of 1077 meters (3533 feet).

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