Egypt
Dana Gas Receives $20M from Egypt
Published on : 2019-11-20
Dana Gas PJSC, the Middle East's largest regional private sector natural
gas company, has received $20 million (AED 73m) from the Egyptian
Government in Egyptian pounds. Total receipts from Egypt has reached
$152 million for the year. The Company understands that a further
payment is planned to be made in US$ before year-end.
Dr Patrick Allman-Ward, CEO, Dana Gas, said:
"We are encouraged by this latest payment and we are looking forward to
further payments before year end which will enable Dana Gas to proceed
with its plans to drill the Merak deepwater exploration well, one of
several prospects in the Block 6 North El Arish Concession Area with
high potential".
The Company is currently focused on drilling its first deepwater
exploration well in the North El Arish Offshore (Block 6) Concession
area in 2019 and final preparations are underway. It recently completed
the drilling of the Balsam-8 production well and has tied it into the
pipeline network. The well was completed ahead of schedule and under
budget, adding over 5,000 barrels of oil equivalent per day "boepd" to
the Company's output. Last week, the Company announced group production
reached 70,000 boepd on the 19 November and has since been sustained
above that level, representing a significant increase compared to the
Company's 9M 2018 average of 62,250 boepd.
