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Monday, December 30, 2013
Dana Gas has received some back payment from the Egyptian government for its production. The company said the government paid in $53 million of the $330 million in outstanding receivables. Of the $53 million, $42 million was paid to the company in US dollars and the balance in equivalent Egyptian pounds.
Including this tranche, during 2013, Dana Gas has received a total of $130 million from the Egyptian government.
The company has had on-going discussions with the Egyptian authorities to resolve the issue of outstanding payments, while also increasing its production. Dana’s gas, LPG, condensate and crude oil production averaged 39,350 boepd in Q3 2013, a significant increase of 29% over the Q3 2012 average production. During Q3 2013, the company also announced that it reached a record production level of 41,500 boepd (including over 8,000 bpd of associated liquids).
Patrick Allman-Ward, CEO of Dana Gas, said: “We would like to thank the Egyptian government for making this payment. We are working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward. An early resolution in this regard will encourage new investments in the oil & gas sector in Egypt leading to higher domestic production.”
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