Dana Gas strengthens Egypt expansion plans after receivables settlement

Dana Gas has confirmed that all outstanding receivables owed to the company by the Egyptian government have been fully settled, following additional payments of AED 79 million ($21.5 million).

The company said the return to regular payments has strengthened its confidence in sustaining and expanding its operations in Egypt, where it is continuing a $100 million investment programme focused on stabilising production and restoring growth.

In a disclosure to the Abu Dhabi Securities Exchange, Dana Gas said its latest drilling campaign in Egypt delivered results above expectations. Recent wells identified an estimated 10 billion cubic feet of gas resources, compared with initial projections of around 3 billion cubic feet. The company also reported the potential for a further 12 billion cubic feet of prospective resources within its Nile Delta concession area.

Dana Gas’ production in Egypt increased by 4% year-on-year in the first quarter of 2026, reaching an average of 13,060 barrels of oil equivalent per day. The increase marked the company’s first production growth in Egypt since 2017.

During 2025, Dana Gas drilled four wells and carried out workovers on three others, adding approximately 30 million standard cubic feet of gas per day to production and increasing reserves by 36 billion cubic feet.

Richard Hall, Chief Executive Officer of Dana Gas, said the settlement of overdue receivables and the restoration of timely, full payments represent an important milestone for the company’s operations in Egypt.

He added that the latest drilling results demonstrate the quality of Dana Gas’ assets and the scale of the development and exploration opportunities available. The company plans to drill four additional wells before the end of 2026.

Dana Gas also highlighted continued support from Egypt’s Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company, noting that these efforts are helping encourage investment, expand domestic gas output and reduce reliance on liquefied natural gas imports.