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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Dana Gas set to finish debt accord as Egypt, Iraq make payments

    Hkp1
    Hkp1
    Hkp1
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    Posts : 3118
    Join date : 2012-12-19
    • Post n°1

    Dana Gas set to finish debt accord as Egypt, Iraq make payments Empty Dana Gas set to finish debt accord as Egypt, Iraq make payments

    Post by Hkp1 Mon 01 Apr 2013, 1:52 am

    Posted : 2013/03/31 10:52 am


    Dana Gas set to finish debt accord as Egypt, Iraq make payments

    Egypt
    - Dana Gas PJSC, the Middle East’s leading regional private sector
    natural gas company, announced today that it has collected a total of
    US$73.7 million (AED 271 million) in receivables in both the Kurdistan
    Region of Iraq and Egypt so far this year.

    The Company is
    confident of further progress in the collection of receivables in the
    near future due to its strong relationships in both countries and as
    positive discussions with relevant authorities continue.

    Rashid
    Al Jarwan, Executive Director and Acting Chief Executive Officer of Dana
    Gas, said:'We are pleased to see that our strategy and efforts for
    addressing our receivables position in Egypt and the Kurdistan Region of
    Iraq is yielding results.

    We would like to thank the authorities
    in Egypt and the Kurdistan Regional Government for their continued
    support, and look forward to continued momentum in this process for the
    rest of the year. Our operations have experienced strong starts to the
    year and we continue to pursue expansion targets in both regions.

    We
    would also like to thank the UAE government authorities for their
    continuous support extended to UAE companies like Dana Gas who are
    investing abroad.'

    The Company’s Joint Venture in the Kurdistan
    Region of Iraq received a new payment from the Kurdistan Regional
    Government. The Dana Gas share was US$32.4 million (AED 119 million).

    The
    new payment resulted from productive discussions between the Kurdistan
    Regional Government and Dana Gas during last year. This latest progress
    follows the payment of US$ 120 million (AED 441 million), which was paid
    in December 2012 by the Kurdistan Regional Government to the Company’s
    Joint Venture there. Dana Gas’s share of the payment was US$48 million
    (AED 176 million).

    In Egypt, Dana Gas received a US$41.3 million
    payment (AED 151.7 million) in January following discussions at the
    highest levels with the Egyptian authorities. These discussions continue
    to be constructive as both sides work to address the remaining
    outstanding receivables in as short a time as possible. Dana Gas
    received a total of US$ 163 million (AED 596 million) in Egypt last
    year. Dana Gas would like to thank the UAE government for their
    continuous support throughout this process.

    Dana Gas’ operations
    in Egypt and the Kurdistan Region of Iraq have experienced strong starts
    to the year. Egypt has added two new wells, West Sama-1 and Allium-1,
    to its Nile Delta Basin network, while further plans for expansion in
    the Kurdistan Region of Iraq are under discussion with the Ministry of
    Natural Resources and will be announced more formally when agreed upon.

    The
    Company is also on track with its UAE Zora gas field project. Situated
    33 km offshore Sharjah, Dana Gas will be appointing an EPC contractor by
    the end of H1 2013 and will begin drilling in Q3 2013. The facility is
    expected to be fully operational in 2014 and will have an average
    production of 60 million cubic feet per day or just over 10,000 barrels
    of oil equivalent per day.

    Dana Gas confirms that it is on track
    to complete the Sukuk refinancing process in the second quarter of 2013,
    as previously announced. The Sukukholder meeting and final shareholder
    meeting to approve the refinancing transaction will be held on 23rd
    April 2013.

    Source:Press Release


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