Dana gas receives $164M debt repayment from Egypt

CAIRO – 11 February 2018: The UAE-based Dana Gas announced that Egypt paid off $164 million to the company, which represents 129 percent of the total billings, Dana gas said in an online statement on its official website.

Dana Gas added that the total receivable balance fell 14 percent to $228 million from $265 million.

Dana Gas also added that its share of collections in the Kurdistan Region of Iraq amounted to $466 million, referring that the trade receivable balance stood at $7 million by the end of 2017.

“The Company’s year-end cash balance stood at $608 million, double the $302 million it reported at the end of 2016,” the statement pointed out.

Dana Gas clarified that the cash balance was boosted by the $210 million dividend received from Pearl Petroleum Company Limited (“Pearl”) as part of the Settlement, $110 million industry payment in Egypt and $22 million of condensate export in Egypt partly offset by capex, G&A, loan repayments and finance costs.

The company announced that its net profit for 2017 reached $83 million compared to net loss of $88 million in 2016.

In May 2017, Dana gas announced that it received the repayment of a debt tranche worth $50 million from the Egyptian Government.

The UAE’s Sharjah-based Dana Gas operates in Egypt and Northern Iraq and its daily production in Egypt reaches 66 thousand barrels.