{"id":569108,"date":"2020-02-13T04:05:38","date_gmt":"2020-02-13T04:05:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/dana-gas-to-make-decision-on-egypt-asset-sale-by-end-of-march\/"},"modified":"2020-02-13T04:05:38","modified_gmt":"2020-02-13T04:05:38","slug":"dana-gas-to-make-decision-on-egypt-asset-sale-by-end-of-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/dana-gas-to-make-decision-on-egypt-asset-sale-by-end-of-march\/","title":{"rendered":"Dana Gas to make decision on Egypt asset sale by end of March"},"content":{"rendered":"

<\/a> M&A WATCH- Dana Gas to make decision on Egypt asset sale by end of March:<\/strong> Dana Gas received \u201cnumerous\u201d bids for its Egypt assets in 2H2019 and is currently finalizing the technical and commercial evaluation ahead of making a final decision by the end of March, the company said in its annual earnings release (pdf)<\/a>. Investors have bid for the company\u2019s onshore and offshore assets, CEO Patrick Allman-Ward said on an earnings call<\/a> without disclosing how many bids the company has received or from which companies.<\/p>\n

The clock is ticking for Dana<\/strong>, which plans to use the proceeds from the sale to cover USD 397 mn in outstanding sukuk due at the end of October. The company is in negotiations with banks to refinance its sukuk if an agreement is not concluded in time.<\/p>\n

What is up for sale:<\/strong> Dana has allowed companies to bid for its 14 development leases separately from its exploration contracts. The leases cover three concessions in the Nile Delta region and a 26.4% stake in a gas liquids extraction plant in the Gulf of Suez.<\/p>\n

Allman-Ward said the \u201cthe company was disappointed by the Egyptian government failing to make overdue payments by the end of 2019.\u201d<\/strong>\u00a0Egypt still owes the company USD 111 mn, part of which is in the process of being paid. Allman-Ward said in September that the company could offload the outstanding arrears<\/a> to the eventual buyer of its Egypt portfolio, but nothing has since been said on the matter.<\/p>\n

Editor's Note: This story has been updated from the email edition to directly quote Reuters' paraphrasing of Allman-Ward at the start of the third paragraph.\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Dana Gas to make decision on Egypt asset sale by end of March: Dana Gas received \u201cnumerous\u201d bids for its Egypt assets in 2H2019 and is currently finalizing the technical and commercial evaluation ahead of making a final decision by the end of March, the company said in its annual earnings release (pdf). 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Plunging oil prices probably haven\u2019t helped matters. The Emirati energy company is still in talks and the valuation process\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/30.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628841,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/15\/dana-gas-announces-end-of-legal-battle-with-holders-of-its-usd-700-mn-sukuk\/","url_meta":{"origin":569108,"position":2},"title":"Dana Gas announces end of legal battle with holders of its USD 700 mn sukuk","author":"enterpriseam admin","date":"15 May 2018","format":false,"excerpt":"Dana Gas announced yesterday that it has reached a settlement agreement that will end the legal battle with holders of its USD 700 mn sukuk, the company said in a statement (pdf). \u201cA committee representing bondholders agreed on terms that offer two options to creditors,\u201d according to Bloomberg. \u201cThe first\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570999,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/dana-gas-plans-to-use-proceeds-of-egyptian-asset-sale-to-pay-sukuk\/","url_meta":{"origin":569108,"position":3},"title":"Dana Gas plans to use proceeds of Egyptian asset sale to pay sukuk","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"The UAE\u2019s Dana Gas confirmed in a bourse statement (pdf)on Thursday that it intends to use proceeds from the (reportedly delayed) sale of its Egyptian assets to pay down outstanding sukuk due in October. Dana had initially expected the sale to be completed by the end of March, we reported\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574261,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/dana-gas-in-talks-with-ipr-energy-over-sale-of-egypt-assets\/","url_meta":{"origin":569108,"position":4},"title":"Dana Gas in talks with IPR Energy over sale of Egypt assets","author":"enterpriseam admin","date":"3 September 2020","format":false,"excerpt":"M&A WATCH- The UAE\u2019s Dana Gas is in talks with Texas-based IPR Energy over the sale of its Egypt assets ahead of a USD 300 mn debt repayment in October, Reutersreports, citing unnamed sources familiar with the matter. The energy company was hoping to raise over USD 500 mn from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630899,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/05\/dana-gas-receives-usd-10-4-mn-from-gas-sales-to-egypt\/","url_meta":{"origin":569108,"position":5},"title":"Dana Gas receives USD 10.4 mn from gas sales to Egypt","author":"enterpriseam admin","date":"5 March 2018","format":false,"excerpt":"Dana Gas received USD 10.4 mn last month from the sale of Egyptian natural gas condensate as part of a plan to recover outstanding receivables, the company disclosed to the ADX. Dana Gas sold 157,200 bbl of El Wastani condensate at an average price of USD 66.5 per bbl. \u201cThe\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569108"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569108\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569109"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569108"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569108"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}