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FinancialNews
30-06-19
Dana Gas wins USD48m from Egypt operations
(MENAFN) Sharjah-based Dana Gas generated USD48 million from its businesses in Egypt during this month, with payments coming from the government and the sale of the second El Wastani condensate shipment.
Dana Gas was granted USD38 million from the Egyptian government as per the energy giant's share in the industry payment.
Meanwhile, USD10 million was collected from this year's El Wastani condensate shipment sales.
"Receiving $38 million from the Egyptian Government in June shows steady progress for the Government in achieving its target of paying all the overdue receivables by year-end," stated Dana Gas CEO Dr. Patrick Allman-Ward.
Allman-Ward added: "these payments will provide funds to execute our current onshore work-over programme and contribute towards the costs of drilling Merak-1, our deep-water exploration well in Block 6. Drilling operations are progressing well and we are expecting to have results in the third quarter this year."
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