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Wednesday, August 16, 2017
Dana Gas saw its H1 operational and financial numbers remain solid. According to company CEO, Dr. Patrick Allman-Ward, the company posted higher revenue and nearly doubled its net profit to $23 million.These numbers were aided by strong production numbers, specifically by adding a further 13% to its output in Egypt.
The strong performance in Egypt came despite the planned shutdown of its El Wastani Gas Plant, which was completed successfully and without incident. There was a complete shutdown for five days for critical inspection and maintenance and a further partial shutdown for four days. The work was conducted by Egyptian contractors. The shutdown was necessary for the company to improve plant performance and allow it to maintain production at just under 40,000 bpd until the end of the year.
Dana generated $142 million in free cash flow in the half-year, principally due to an industry payment from the Egyptian government of $110 million. However, the company has financial commitments of $60 million in Egypt that have accumulated during the last 18 months of drilling activity related to GPEA investment program that need to be repaid. Furthermore, the company has plans to drill three exploration wells on Block 1 in Egypt in Q4 as part of its concession activity commitment.
Dana started preparation work on the 100%-owned North El Salhiya (Block 1) concession for its drilling campaign in Q4. Three onshore wells will be drilled: North El Basant, ESAEN-1 and Bahy-2. Any exploration success and future production can be easily monetized through the existing infrastructure in place. Work is also progressing regarding the North El Arish (Block 6) offshore concession in the Eastern Nile Delta, with drilling scheduled for early 2018.
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