Dana to spend USD 47 mn in Egypt this year conditional on continued payment

INVESTMENT WATCH- Dana Gas will spend USD 47 mn in CAPEX in Egypt this year, CEO Patrick Allman-Ward said, according to Reuters. The investment will only come if Egypt repays Dana Gas some of its receivables, he added, explaining that the money would go towards an ongoing drilling program in Egypt where Dana has two to four wells and where work has already begun. Allman-Ward noted that payments in 2H2017 were “sporadic and disappointing.” Dana Gas’ production in Egypt was around 39,500 boepd, up 5% y-o-y.