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Dana Gas collects $73m from Egypt, Kurdistan ops

Sharjah, March 31, 2013

Dana Gas, a leading regional private sector natural gas company, has collected a total of $73.7 million in receivables in the Kurdistan region of Iraq and Egypt, marking a significant so far this year.

The company is confident of further progress in the collection of receivables in the near future due to its strong relationships in both countries and as positive discussions with relevant authorities continue, it said in a statement.

Rashid Al Jarwan, executive director and acting chief executive officer of Dana Gas, said: “We are pleased to see that our strategy and efforts for addressing our receivables position in Egypt and the Kurdistan Region of Iraq is yielding results.

“We would like to thank the authorities in Egypt and the Kurdistan Regional Government for their continued support, and look forward to continued momentum in this process for the rest of the year. Our operations have experienced strong starts to the year and we continue to pursue expansion targets in both regions.

The company’s joint venture in the Kurdistan region received a new payment from the Kurdistan Regional Government. The Dana Gas share was $32.4 million.

The new payment resulted from productive discussions between the Kurdistan Regional Government and Dana Gas during last year. This latest progress follows the payment of $120 million, which was paid in December 2012 by the Kurdistan Regional Government to the Company’s joint venture there. Dana Gas’s share of the payment was $48 million.

In Egypt, Dana Gas received a $41.3 million payment in January following discussions at the highest levels with the Egyptian authorities.

These discussions continue to be constructive as both sides work to address the remaining outstanding receivables in as short a time as possible. Dana Gas received a total of $163 million in Egypt last year. Dana Gas would like to thank the UAE government for their continuous support throughout this process.

Dana Gas’ operations in Egypt and the Kurdistan Region of Iraq have experienced strong starts to the year, the statement said.

Egypt has added two new wells, West Sama-1 and Allium-1, to its Nile Delta Basin network, while further plans for expansion in the Kurdistan Region of Iraq are under discussion with the Ministry of Natural Resources and will be announced more formally when agreed upon.

The company is also on track with its UAE Zora gas field project. Situated 33 km offshore Sharjah, Dana Gas will be appointing an EPC contractor by the end of H1 2013 and will begin drilling in the third quarter of 2013.

The facility is expected to be fully operational in 2014 and will have an average production of 60 million cubic feet per day or just over 10,000 barrels of oil equivalent per day.

Dana Gas has confirmed that it is on track to complete the Sukuk refinancing process in the second quarter of 2013, as previously announced. The Sukukholder meeting and final shareholder meeting to approve the refinancing transaction will be held on April 23, according to the statement. – TradeArabia News Service




Tags: Egypt | Dana Gas | Sharjah | sukuk | Kurdistan |

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