Dana Gas’ H1 Results are In

Dana Gas’ saw a small rise in its gross profits and revenues, despite its production dropping by 7% for H1 2012. Even with the small drop in production the company averaged 60,950 boepd, with its Egyptian assets contributing over half of that and Kurdistan recording the remainder.

Dana Gas Egypt produced gas, LPG, condensate, and crude oil at an average rate
of 32,750 boepd in H1. Production is expected to increase later in the year
as compression facilities and new production wells are added, and two new fields
are brought onstream.

Commenting on the results, Dr. Adel AlSabeeh, Chairman of Dana Gas, said: “We have achieved our revenue estimates for the first half and posted strong net profit figures of AED 387 million. Our revenue collections were in line with expectation and we continue to have constructive discussions with both the Government of Egypt and the Government of the Kurdistan Region of Iraq on payment of the Company’s receivables. Overall this has been a reasonable six months financially and we look forward to the rest of the year with renewed confidence.”

Ahmed Al-Arbeed, CEO of Dana Gas, added: “We have maintained strong levels of net production in the first half of the year. Good progress is being made on our drilling program in Egypt, with one new field discovery (the West Al Baraka Field) in the South of the country. We plan to drill further exploration and development wells in Northern Egypt. I am also pleased to report that the commissioning and start-up of the Natural Gas liquids plant in Ras Shukheir (Egypt) is advancing well and should be operational in H2 of this year.”