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Dana Gas Receives $40M from Egypt

Source: www.gulfoilandgas.com 5/28/2018, Location: Egypt

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Dana Gas PJSC, the Middle East's largest regional natural gas company, has received $40 million (AED 146.8m) from the Egyptian Government towards paying down its receivables. With this payment Dana Gas has received a total of $88.8 million (AED 325.9m) from Egypt during 2018.

Dr Patrick Allman-Ward, CEO, Dana Gas, said:

"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."

"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."

Dana Gas first entered Egypt in 2007 and has become the fifth largest gas producer in the country. In Q1 2018, production was 36,800 boepd. It has title to 14 Development Leases, three exploration concessions and two processing plants. Its 2P reserves (as of YE 2017) stand at 117 mmboe.

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