Continental Focus, International Reach

Dana G Considers Egypt Sale

Wednesday, July 31, 2019

Dana Gas has put its Egyptian energy assets up for sale, according to reports. In a missive to the Abu Dhabi Securities Exchange (ADX), Dana Gas confirmed it was considering a sale of its assets in the North African country. A Reuters report said the company had hired Tudor Pickering, Holt & Co. as an advisor.

The news follows another missive to ADX that its latest well in Egypt, the Merak-1, failed to find commercial quantities of hydrocarbons from a block that Dana Gas said could hold as much as 4 Tcf.

Dana Gas said that a potential sale process was still in its early stages.

“The company will notify the ADX if and when a deal is reached,” the statement said.