Has received AED 729 million in receivables from its operations in Egypt

Media In Abu Dhabi – 30 December 2018 /
Dana Gas announced that the total value of its operations in Egypt reached AED 729 million in 2018, an increase of 21% compared to AED 600 million in 2017.
The company’s total arrears in Egypt have fallen to their lowest level since 2011, according to a disclosure posted on the Abu Dhabi Securities Exchange (ADX) website, in which the company expects to receive additional payments in the coming period.
Dana Gas announced today that it has received a new payment of AED 162.4 million from its operations in Egypt. The batch consists of AED 129 million (US $ 35 million) from the Egyptian government as part of a payment to companies operating in the oil sector and 35 million AED “9.3 million” of the sale of 157350 barrels of condensate has been paid both payments in US dollars.
It is noteworthy that the total production of the company’s oil rose to 70 thousand barrels of oil equivalent per day during the year 2018 as a result of increased production of its operations in the Kurdistan region of Iraq after the completion of the expansion and development and completion of the drilling of Balsem 8 “in Egypt.
This represents an increase of 12.4% in production compared to the average production for the first nine months of 2018, which amounted to 62250 barrels per day.