Dana Gas gets $53 million payout from Egyptian government

12/24/2013

Dana Gas gets $53 million payout from Egyptian government

SHARJAH, United Arab Emirates -- Dana Gas has received a payment of $53 million, from the current total outstanding receivables of  $330 million, from the Egyptian Government authorities.

Payment of $42 million has been received in U.S. dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013, Dana Gas has received a total of $130 million from the Egyptian government.  The Egyptian government has committed to work with Dana Gas on a plan to repay the remainder of the outstanding receivables over an agreed time frame.

Whilst Dana Gas has had on-going discussions with the Egyptian authorities to resolve the issue of outstanding payments, it has also been able to increase production.

Dana Gas Egypt’s gas, LPG, condensate and crude oil production averaged 39,350 boepd in Q3 2013, an increase of 29% over the Q3 2012 average production. During Q3 2013, the company also announced that it reached a record production level of 41,500 boepd (including over 8,000 barrels per day of associated liquids).

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