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Dana Gas" received $ 53 million from Egypt

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1 Dana Gas" received $ 53 million from Egypt on Tue Nov 17, 2015 5:25 am


Dana Gas" received $ 53 million from Egypt

November 17, 2015 0

He said Dana Gas (DANA), listed on the Abu Dhabi financial market had been recording large discoveries of gas in the wells '' Balsam -2 "and" -3 Balm "Balm development rights within the field area in the Nile Delta, Egypt.

The company said in a statement that preliminary estimates indicate the existence of proved and probable reserves by 165 billion cubic feet of gas, the equivalent of 28 million barrels of oil equivalent per day.

She noted that the production wells will allow for further development opportunities that will be worked on during 2016, expected to start production of balsam field before the end of this year.

It was also pointed out that these results constitute the first production of gas within the work on its new investment and the associated increase gas agreement which was signed with the Egyptian government in August 2014 under the produce.

The company has indicated that it received from the Egyptian government $ 53 million, during the first nine months of 2015, within the entitlements of foreign companies operating in the oil and gas field in Egypt.

The company said in a report its financial results for the nine months ended September 30 2015 that were settled $ 13 million in damages to the company from the Egyptian government against the rights of franchise sectors wild signing 1 and 3 as well as $ 3 million owed to Dana Gas to a number of the government's construction companies.

She explained that by the end of September 30 2015, the company's total proven benefits at $ 252 million, compared with $ 233 million by the end of December 31, 2014 ".

And Dana Gas profits fell by 99% in the first nine months of 2015 compared to the same period of 2014 to 37 million dirhams ($ 10 million) compared to 472 million dirhams ($ 129 million) during the same period last year.

The company turned to losses in the third quarter of this year to 32 million dirhams, compared to profit of 139 million dirhams for the same period of last year. Gross profit in the nine months from 356 million dirhams this year, compared to 920 million dirhams in the same period of last year.

The Germans said Patrick Ward, CEO of Dana Gas, the main reason in the first nine months of the company's losses in 2015, not only low prices, but also a decline in production.

He said Ward, in his commentary on the company's results show that the average price of condensate and liquefied petroleum gas during the first nine months of this year, reached 53 and $ 37 respectively, which means a decrease of 50% compared to 2014.

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