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Dana Gas gets US$40mn from Egypt

Gas

Sharjah, UAE-based Dana Gas said it has received US$40mn from the Egyptian Government, which it will use to boost production and commence drilling at its offshore block

With the payment, the company has received US$88.8mn from Egypt in 2018.

“We are pleased to have received this $40 million payment from the Egyptian Government which takes our total receipts to nearly $90 million for the first half of the year. It is a timely cash boost and highlights the Government’s publicly stated commitment to substantially reduce the petroleum companies’ receivables during 2018,” Patrick Allman-Ward, CEO, Dana Gas, said.

“The monies will enable us to proceed with important growth initiatives such as drilling Balsam-8 in our Development Lease onshore the Nile Delta, which should provide incremental production to fill our onshore facilities to its capacity. Our primary focus remains on increasing production and on drilling our first offshore well in Block 6, due to commence in early 2019. Block-6 is highly prospective and contains several material prospects with multi-Tcf potential,” Allman-Ward added.

The company has gas assets in Egypt, Kurdistan Region of Iraq (KRI) and the UAE, with 2P reserves of more than one billion boe. Last year, Dana Gas produced 67,600boepd on average.

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