Dana Gas receives $40mn from Egyptian government
UAE based natural gas producer has now received almost $90mn so far this year from the North African nation.
Sharjah’s Dana Gas has received $40mn from the Egyptian Government towards paying down its receivables. With this payment Dana Gas has received a total of $88.8mn from Egypt during 2018.
Dr Patrick Allman-Ward, CEO, Dana Gas, said, “We are pleased to have received this $40mn payment from the Egyptian Government which takes our total receipts to nearly $90mn 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 barrels of oil equivalent per day. It has title to 14 development leases, three exploration concessions and two processing plants.
The firm is listed on the Abu Dhabi Securities Exchange and has exploration and production assets in Egypt, the Kurdistan Region of Iraq and the UAE, with reserves exceeding 1bn barrels of oil equivalent (boe) and average production of 67,600 boe per day in 2017.