Dana Gas announces massive Q2 profits surge

Sharjah-based company sees Q2 profits rise by almost US$100 million

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The Sharjah-based independent energy company Dana Gas has announced net profits of US$106.7 million for the second quarter of 2009, compared to $9.25 million for the corresponding period of 2008.

In a statement the company said strong performance in Egypt and Iraqi Kurdistan were behind the huge increase in profits.

“Our numbers speak for themselves to the success of our operations. The second quarter of 2009 was marked by significant events for Dana Gas, particularly in the Kurdistan Region of Iraq, where we entered into strategic partnership agreements with two leading Central European integrated oil and gas groups – OMV, Austria's largest listed industrial company, and MOL, Hungary’s largest listed company,” Dana Gas CEO, Ahmed Al-Arbeed, said.

“In Egypt, we continued with our exploration success and significantly increased our production rate, and during the first half our production rate in Egypt increased beyond 37,000 barrels of oil equivalent per day (boepd), from 31,650 boepd at the end of 2008.”

“The new Sama-1 discovery offers the Company an opportunity to achieve an additional production increase, which will push us up to 40,000 boepd,” he added.

However, the profits include the one-off payment of $291 million the company received from selling a 10% stake in Pearl Petroleum to MOL of Hungary. Pearl Petroluem is a joint venture with fellow Sharjah-based energy company Cresecent Petroleum that develops gas fields in Iraqi Kurdistan.



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