Dana Gas secures $100mn loan for Zora gas project
First delivery of gas to start in 1H 2015 thanks to funding
Dana Gas has announced that production from Zora field is expected to start in 1H 2015 after $100mn credit is received.
Through its subsidiary Dana Gas Explorations FZE, the company has secured a the dept financing needed to finish the Zora gas field project and bring it on-stream.
The deal has been made with Emirates Bank NBD Capital Limited, Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.
Repayment for the loan will start in 2H 2015 after gas production goes on stream.
Dana Gas has spent approximately $49mn to finance the project since June this year. The Zora gas field has an expected production capacity of 6,650 barrels of oil equivalent per day.
Dr. Patrick Allman-Ward, Chief Executive Officer of Dana Gas said: “This financing agreement demonstrates the confidence leading banks and financers have towards the Zora project.
"The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015. Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the UAE.”