Dana Gas receives $10.4M from Egypt in February

CAIRO – 5 March 2018: The UAE-based Dana Gas (DANA) announced the receipt of $ 10.4 million in February 2018 from the sale of 157,200 barrels of the Egyptian Condensate El Wastasni at an average of $66.5 per barrel.

The company stated in a filing to Abu Dhabi Exchange that the sale marks the fourth cargo of Egyptian condensate since the start of 2017.

In 2017, the company sold three shipments for a total receipt of approximately $21 million. The shipments are part of the Gas Production Enhancement Agreement signed with the Egyptian government as a mechanism to help pay down the overdue receivables.

On February 11, Dana Gas announced that Egypt paid off $164 million to the company, which represents 129 percent of the total billings, adding that the total receivable balance fell 14 percent to $228 million from $265 million.

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.