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Friday, April 10, 2020
In a memo from Dana Gas CEO Patrick Allman-Ward to the Abu Dhabi Securities Exchange, it was confirmed that the company will delay the sale of its assets in Egypt. The memo did say that the asset sales will still take place, but the company is not certain when the process will be completed due to the ongoing COVID-19 pandemic and the continued volatility in global markets.
In February, the company received a number of bids and at the time the CEO said a final decision had not been taken on whether the company would sell its Egyptian assets. He said offers would be submitted to the company’s board for review and that a decision was expected by the end of March.
“We received bids for the entire package of onshore and offshore” assets in Egypt, Allman-Ward said at the time, adding that the bidders were given flexibility to only bid for development leases and exclude exploration deals.
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