Dana receives $14.4mn from Pearl Petroleum in Q1

Sharjah based natural gas producer announces lump sum received due to sales in the Kurdistan Region of Iraq in first quarter.

Dana Gas CEO Dr Patrick Allman-Ward.
Dana Gas CEO Dr Patrick Allman-Ward.

Regional natural gas outfit Dana Gas has announced that it received an amount of $14.4mn from the Pearl Petroleum Company for condensate and liquefied petroleum gas sales in the Kurdistan Region of Iraq (KRI) in the first quarter of this year.

This amount does not includes the company’s share of amounts received from the Kurdistan Regional Government and local traders, and kept at Pearl Petroleum to cover operating costs and capital expenditure requirements.

Dana Gas was established in December 2005 and has a public listing on the Abu Dhabi Securities Exchange. It has exploration and production assets in Egypt, the KRI and the UAE, with estimated reserves exceeding one billion barrels of oil equivalent and average production of 67,600 barrels of oil equivalent per day in 2017.

The firm recently reported its annual figures for full year 2017, with gross revenue and net profit of $450mn and $83mn respectively, as compared to revenue of $392mn and a net loss of $88mn in 2016.

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