the contributions of Egypt and the Kurdistan region of Iraq out of the total payments received to the company amounted to 62 million dirhams, equivalent to $17 million in Egypt, and $191 million dirhams, equivalent to 52 million in Iraq.
The reduction of the amounts owed to Dana Gas in Egypt, along with the unpaid payments in the Kurdistan region of Iraq, contributed to strengthening the company's balance sheet.
Dana Gas indicated in a statement that it received $125 million (458 million dirhams) during the first nine months of 2021, marking an increase of 136 percent compared to $53 million (195 million dirhams) during the same period in 2020.
IPR is a leading private E&P operator in Egypt, with 9 active concessions, and over 3 decades of expertise in enhancing the recovery of mature producing oil and gas fields.
Merak-1 well was drilled to a total depth of 3,890 meters and encountered 46 m of sand in the Miocene objective interval but did not encounter commercial hydrocarbons.
Dana Gas has announced that it received payments of $48 million (AED177 million) from its operations in Egypt in June, WAN news agency reported on Sunday.
“If the geology works out the way that we think it will, then in the success case it could be a 4-6 trillion cubic feet gas reserve,” Allman-Ward said
This payment, done on December 29, is made up of an additional $35 million industry payment from the government and $9.3 million from the sale of 157,350 barrels of El Wastani condensate, with both payments in US dollars.
The UAE-based Dana Gas (DANA) announced the receipt of $20 million from the Egyptian government as a part of the company’s receivables.
The total paid amount was upgraded to $88.8 million during 2018.
“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.
Egypt's natural gas reserves in the Mediterranean and the Nile Delta reach about 122 trillion cubic feet of natural gas.
Middle Eastern stock markets may rebound slightly on Wednesday after global bourses regained some strength.
Abu Dhabi’s index gained 0.5 percent as Dana jumped 11.8 percent.
Stock markets in the Gulf rose early on Tuesday as crude oil prices climbed to a two-year high.
AMOC is waiting for the approval of the Egyptian General Petroleum Corporation (EGPC) to buy condensates from the UAE’s Dana Gas, the chairman said.
A London High Court judge on Tuesday adjourned a trial on Dana Gas and its creditors until Thursday.
Holders of about $700 million of Islamic bonds issued by Abu Dhabi-listed Dana Gas have submitted a restructuring plan to the company’s management.
$1.24 billion will be reclassified from debt owed by the government to outstanding costs.
Middle Eastern stock markets may continue to struggle with an absence of positive factors on Tuesday as corporate earnings once again weigh on Dubai.