Petroleum Africa
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Tuesday, May 29, 2018
Dana Gas received $40 million from the Egyptian government towards paying down its receivables. With this payment Dana Gas has received a total of $88.8 million from Egypt during 2018.
Dr Patrick Allman-Ward, CEO, Dana Gas, said, “We are pleased to have received this $40 million payment from the Egyptian Government which takes our total receipts to nearly $90 million for the first half of the year. It is a timely cash boost and highlights the Government’s publicly stated commitment to substantially reduce the petroleum companies’ receivables during 2018.”
“The monies will enable us to proceed with important growth initiatives such as drilling Balsam-8 in our Development Lease onshore the Nile Delta, which should provide incremental production to fill our onshore facilities to its capacity. Our primary focus remains on increasing production and on drilling our first offshore well in Block 6, due to commence in early 2019. Block-6 is highly prospective and contains several material prospects with multi-Tcf potential.”
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