Petroleum Africa
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Monday, August 11, 2014
Dana Gas should see the Egyptian government catch up on its arrears owed to the company over the next four years. The company’s chief executive, Patrick Allman-Ward, said that it expects to recover the vast majority of overdue payments by 2018.
Dana’s chief executive said in its conference call that the company and the Egyptian government are putting a new arrangement in place that will allow for the investment in new wells and the redevelopment of existing wells. This in turn will allow for Dana to increase production and it will take all the additional production sold on the international market for the government to pay down its arrears. “The project will not deliver free cash until the second half of 2016 but thereafter will allow us to reduce the receivables to a nominal value by 2018,” Allman-Ward said.
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