Good afternoon, friends, and congratulations on another successful workweek. The news cycle is seeing a delayed start, with the press heating up just as we’re about to turn our morning alarms off.

** A QUICK PROGRAMMING NOTE- EnterpriseAM Egypt will be taking a break from your inboxes on Sunday-Tuesday next week in preparation for something special to reveal to you all — and we’re confident you’ll think it was worth the disruption. We’ll be back in your inboxes on Wednesday, 17 December.

THE BIG STORY TODAY-

📍 Dana hits gas in Egypt: Sharjah’s Dana Gas confirmed a new onshore Nile Delta gas find after drilling the North El-Basant 1 exploratory well in Egypt, with initial results pointing to 15-25 bcf of recoverable reserves and expected output of more than 8 mmcf / d once tied to the Egyptian grid, according to a press release (pdf).

The well is the fourth in a series of 11 appraisal and exploration wells planned under the two-year USD 100 mn investment program — aiming to add 80 bcf in recoverable reserves — which earlier delivered three completed wells adding 10 mmcf / d. Dana plans to spud the program’s fifth well in the first week of January, the company said.

The company also recompleted three additional wells outside the current program, bringing another 9 mmcf / d online. Combined drilling and recompletion work is adding some 30 mmcf / d of new production, Dana Gas added.

THE BIG STORY ABROAD-

🌐 The US is making headlines for seizing a large oil tanker carrying Venezuelan crude off the country’s coast yesterday, marking the first known interception of a Venezuelan cargo vessel — which was bound for Cuba — since US President Donald Trump ordered a massive military buildup in the region.

The vessel was carrying approximately 1.8 mn barrels of Venezuelan heavy crude when the US Coast Guard, US Navy, and FBI executed the seizure based on a federal warrant accusing the ship of involvement in smuggling Iranian oil rather than its connection to the Venezuelan government. However, the timing escalates Trump’s confrontation with Venezuelan President Nicolás Maduro, who the US administration accuses of running a narcoterrorist operation.

When asked about the ship’s oil cargo, Trump said “We keep it, I guess.” Venezuela condemned the action as “blatant theft” and “an act of international piracy,” arguing that the true motivation is control of the country’s oil resources. Iran’s embassy in Caracas called it a grave violation of international law.

This is just one of the many recent US assaults on Venezuelan vessels, the previous being strikes that have killed over 80 people since September. The US administration has marked the ships as suspected drug vessels, without presenting evidence. The attacks have drawn legal scrutiny and accusations from Democrats that they may constitute war crimes, particularly after reports of a followup strike that killed survivors. (Reuters | CNN | NYT)

IN BUSINESS NEWS- Oracle shares plunged on weak results and elevated spending plans, tumbling more than 10% in premarket trading today, dragging down AI-related stocks and reviving concerns about massive technology spending on AI infrastructure. The cloud computing giant reported quarterly revenue of USD 16.1 bn, falling short of the USD 16.2 bn analysts expected. More significantly, Oracle raised its capital expenditure outlook for 2026 by USD 15 bn to a total of USD 50 bn, alarming investors already worried about returns on heavy AI investments.

Oracle has become a focal point for investor concerns about AI spending since raising USD 18 bn through a massive bond sale in September and securing a USD 300 bn infrastructure deal with OpenAI. The company plans to raise between USD 20-30 bn in debt annually for the next three years to fund data center construction, according to analyst estimates.

The selloff rippled through the technology sector, seeing Nvidia decline 1.5% in premarket trading, while Microsoft, Micron, and AMD also retreated. The broader market felt the impact, with Nasdaq futures initially dropping 1.6% before recovering some ground. Despite recent losses, Oracle’s stock remains up 34% YTD, though investors have grown increasingly cautious about whether AI investments will generate adequate returns. (CNBC | Bloomberg)

☀️ TOMORROW’S WEATHER- We’re in for mostly cloudy weather tomorrow, with mild daytime temperatures peaking at 22°C, before cooling down to 14°C at night, according to our favorite weather app.

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