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Tuesday, November 5, 2013
Dana Gas saw its net profit remain flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt. Accordingly, the group posted a net profit of AED 102 million ($28 million) in Q3 2013 compared to AED 104 million ($29 million) in Q3 2012.
For the nine months ending September 30, the company posted gross revenues and net profit of AED 1.708 billion ($466 million) and AED 443 million ($121 million) respectively.
In comparison, the Company recorded figures of AED 1.766 billion ($482 million) and AED 491 million ($134 million) respectively in the first nine months in 2012. This reduction in nine-months profit was due to lower realized hydrocarbon prices, suspension of LPG production since mid-2012, and a one-off higher cost of sales in 2Q 2013 in the Kurdistan Region of Iraq.
The company’s average production saw a substantial increase over Q3 coming in at 66,850 boepd, a 15% increase over the same period in 2012 and an 8% increase over the previous quarter’s totals. The increase can be attributed to production in Egypt, which saw a sharp increase in quarterly production of around 30% to 39,350 boepd from 30,400.
Commenting on the results, Dr. Patrick Allman-Ward, CEO of Dana Gas, said: “Our Q3 results reflected yet another strong operational performance, particularly in Egypt. Our overall average production numbers are ahead by 17% to 66,850 boepd on a quarter-on-quarter basis. This demonstrates the inherit quality of our assets and the ability of Dana Gas employees to deliver value from these resources. We have been given strong indications by the Egypt government regarding planned payments in the next few months” added Dr. Patrick. “We welcome this positive step as it will allow our capital and exploration expenditure to remain in-line with anticipated spending plans, allowing us to pursue our strategy of maximizing our production from these resources.”
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