GulfBase Live Support
Dana Gas, a leading regional natural gas company in the Middle East, has received $40 million from the Egyptian government towards paying down its receivables.
With this payment, the Emirati company has till date received a total of $88.8 million from Egypt during 2018, said a statement from the company. A leading player in the region, Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 67,600 boepd in 2017, it stated.
CEO Dr Patrick Allman-Ward said: "We are pleased to have received this $40 million payment from the Egyptian Government which takes our total receipts to nearly $90 million 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," stated the top official.
Allman-Ward said the monies will enable Dana to proceed with important growth initiatives such as drilling Balsam-8 in its 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," he added.
Dana Gas had first entered Egypt in 2007 and became the fifth largest gas producer in the country.
Dana Gas, a leading natural gas company, has received $43.75 million in the first half of 2018 as dividends from Pearl Petroleum Company for condensate and LPG sales in the Kurdistan Region of Iraq (
Dana Gas said on Wednesday that it holds $6 million (Dh22 million) in investments in Abraaj Infrastructure Fund, a fund managed by an affiliate of Abraaj Investment Management.
Dana Gas said on Wednesday it has received a dividend payment of $22.75 million from Pearl Petroleum in proportion of the company’s shareholding.
“This brings the total dividend payments r
Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.
The COVID-19 played its part in the loss, as fee income c
Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com
Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec
First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.
The Gulf Today
UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A