The Company’s Field in Egypt - photo courtesy to Dana Gas website
CAIRO – 18 December 2018: The UAE-based Dana Gas (DANA) announced the receipt of $20 million from the Egyptian government as a part of the company’s receivables, upgrading the total paid amount to $152 million during 2018.
Dana added in a filing to Abu Dhabi Securities Exchange (ADX) that a further payment is planned to be made in US dollar before year-end.
“We are encouraged by this latest payment and we are looking forward to further payments before year end which will enable Dana Gas to proceed with its plans to drill the Merak deepwater exploration well, one of several prospects in the Block 6 North El-Arish Concession Area with high potential,” CEO of Dana Gas Patrick Allman-Ward said.
According to the filing, the company stated that it currently focuses on drilling its first deepwater exploration well in the North El-Arish Offshore (Block 6) Concession area in 2019 and final preparations are underway.
“It recently completed the drilling of the Balsam-8 production well and has tied it into the pipeline network. The well was completed ahead of schedule and under budget, adding over 5,000 barrels of oil equivalent per day 'boepd' to the Company’s output,” the statement read.
The company announced last week that the group production reached 70,000 boepd on Nov. 19, and has since been sustained above that level, representing a significant increase compared to the company’s 9M 2018 average of 62,250 boepd.
In May, DANA received $40 million from the Egyptian government as part of the company’s receivables, upgrading the total paid amount to $88.8 million during 2018.
CAIRO - 28 May 2018: The UAE-based Dana Gas (DANA) announced the receipt of $40 million from the Egyptian government as a part of the company's receivables, upgrading the total paid amount to $88.8 million during 2018.
Dana has two to four wells in Egypt and where work has already begun, according to a previous statement.
During 2017, Dana’s production in Egypt hit 39,500 barrels of oil equivalent per day (boepd), with an increase of 5 percent on a year-on-year basis.
Minister of Petroleum Tarek el-Molla said earlier that debts to foreign oil partners slumped to less than one third, recording $1.2 billion by the end of June 2018, which is the lowest amount since 2010.
CAIRO - 11 December 2018: In the period from 2014 to 2018, Egypt signed 63 petroleum agreements with investments of $14 billion, Minister of Petroleum Tarek el- Molla said. Molla reviewed achievements in the sector, saying that the ministry implemented the biggest two projects for collecting geophysical data in areas of the Red Sea and Upper Egypt.
Dana’s chief executive said in March that the firm will spend $47 million in Egypt this year but new investments will be made only if the country pays some of the money it owes.
“Capex (capital expenditure) of similar amount will be spent this year,” CEO Patrick Allman-Ward told reporters on a media call. The capex in 2017 was $47 million.
ABU DHABI - 15 March 2018: United Arab Emirates-based energy firm Dana Gas will spend $47 million in Egypt this year but any new investments will be made only if the country pays some of the money it owes, Dana's chief executive said on Thursday.