Dana Gas to keep full proceeds of Egyptian condensates sale as arrears continue to mount

Dana Gas to keep full proceeds of Egyptian condensates sale as arrears continueto mount: Dana Gas has made its first international sale of Egyptian gas condensate, selling 150K barrels of condensate produced at its El Wastani gas fields in the El Manzala concession in the Nile Delta, for USD 7.2 mn the company said in a statement on Wednesday. It added, however, that arrears are still mounting as the Egyptian government paid only half of what it owed the company in 1Q17. The company said that it expects to sell three additional cargoes over the next 12 months if current production rates are maintained. The company plans to keep all the proceeds of the sales and says total arrears it is owed by the government have grown to USD 289 mn, up from USD 265 mn at the end of last year. "Collections of our overdue receivables in general remain well below our expectations. We are yet to receive a significant payment this year," said CEO Patrick Allman-Ward.