{"id":575754,"date":"2020-10-26T04:13:44","date_gmt":"2020-10-26T04:13:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/"},"modified":"2020-10-26T04:13:44","modified_gmt":"2020-10-26T04:13:44","slug":"dana-gas-sells-egypt-assets-to-ipr-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/","title":{"rendered":"Dana Gas sells Egypt assets to IPR Energy"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>M&A WATCH- <\/strong><strong>Struggling producer Dana Gas offloads Egypt assets to IPR <\/strong><strong>Energy:<\/strong> Dana Gas has agreed to sell most of its Egypt assets to IPR Wastani Petroleum for as much as USD 236 mn, allowing the company to double down on its operations in Iraqi Kurdistan, the company said in <a href=\"https:\/\/www.danagas.com\/media\/press-releases\/\">a statement<\/a> yesterday. The Emirati firm, which began talks with several prospective buyers in 2Q2019, is selling its entire concessions in El Manzala, West El Manzala, West El Qantara and North El Salhiya but will hold onto its interests in exploration concessions El Matariya (Block 3) and North El Arish (Block 6), the statement said. Watani has agreed to pay a base price of USD 153 mn as well as USD 83 mn contingent on Brent prices and production between 2020-2023.<\/p>\n<p><strong>Wastani who?<\/strong> IPR Wastani Petroleum is part of the Texas-based energy group IPR Energy, which conducts exploration and production operations in <a href=\"https:\/\/www.iprenergygroup.com\/exploration-and-production\/\">nine concessions in Egypt<\/a>.<\/p>\n<p><strong>The acquisition isn\u2019t done yet:<\/strong> The agreement will be completed by early 2021, pending the approval of the Oil Ministry, the company said.<\/p>\n<p><strong>A sale fit for a pandemic:<\/strong> The sale price represents a serious climbdown from the <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/12\/dana-gas-could-sell-off-its-entire-egypt-portfolio\/\">USD 500 mn valuation<\/a> Dana had originally attached to its portfolio. While the company hasn\u2019t offloaded all of its assets, the USD 153 mn base price represents a marked discount given the blocks it is keeping hold of (<a href=\"https:\/\/www.danagas.com\/operations\/egypt\/onshore-assets\/\">El Matariya<\/a> and <a href=\"https:\/\/www.danagas.com\/operations\/egypt\/offshore-assets\/\">North El Arish<\/a>) are yet to make commercial discoveries after years of exploration.<\/p>\n<p><strong>Background:<\/strong> Dana Gas has been looking to <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/12\/dana-gas-could-sell-off-its-entire-egypt-portfolio\/\">offload its Egypt assets since September of last year<\/a>. Talks with IPR Energy were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d5feca2-d1e2-4935-bf20-56017f35abdc\">reported last month<\/a>, ahead of a USD 379.6 mn debt repayment in outstanding Islamic bonds, or sukuk, due at the end of this month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Struggling producer Dana Gas offloads Egypt assets to IPR Energy: Dana Gas has agreed to sell most of its Egypt assets to IPR Wastani Petroleum for as much as USD 236 mn, allowing the company to double down on its operations in Iraqi Kurdistan, the company said in a statement yesterday. The Emirati [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[110,6134,6138,72,6140,6139,6137,2380,6135,6136],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-dana-gas","tag-el-manzala","tag-el-matariya","tag-enterpriseam","tag-kurdistan-region-of-iraq","tag-north-el-arish","tag-north-el-salhiya","tag-speed-round","tag-west-el-manzala","tag-west-el-qantara","wpautop","entry"],"acf":{"mongo_id":"859d2559-b557-4cac-a521-d49b5b38a703","is_powered_by":true,"section_story_id":"914f2cea-e3ff-4c6f-8b31-828a56e8210c","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/271.jpg","photo_position":"above","related_issue":[575743],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dana Gas sells Egypt assets to IPR Energy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dana Gas sells Egypt assets to IPR Energy\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Struggling producer Dana Gas offloads Egypt assets to IPR Energy: Dana Gas has agreed to sell most of its Egypt assets to IPR Wastani Petroleum for as much as USD 236 mn, allowing the company to double down on its operations in Iraqi Kurdistan, the company said in a statement yesterday. The Emirati [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-26T04:13:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/271.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Dana Gas sells Egypt assets to IPR Energy\",\"datePublished\":\"2020-10-26T04:13:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\"},\"wordCount\":295,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/271.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Dana Gas\",\"El Manzala\",\"El Matariya\",\"EnterpriseAM\",\"Kurdistan Region of Iraq\",\"North El Arish\",\"North El Salhiya\",\"SPEED ROUND\",\"West El Manzala\",\"West El Qantara\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/dana-gas-sells-egypt-assets-to-ipr-energy\/\",\"name\":\"Dana Gas sells Egypt assets to IPR Energy - 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The funds will mostly be used to bolster Dana\u2019s liquidity, allowing the company to pursue a number of projects\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":605034,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/egypt-pays-dana-gas-an-equivalent-of-usd-20-mn-in-arrears\/","url_meta":{"origin":575754,"position":1},"title":"Egypt pays Dana Gas an equivalent of USD 20 mn in arrears","author":"enterpriseam admin","date":"19 December 2018","format":false,"excerpt":"Egypt has paid UAE\u2019s Dana Gas the EGP equivalent of USD 20 mn in arrears, bringing total receipts to USD 152 mn, according to a company press release (pdf). The company also said it expects another payment to be made in USD by year-end to move forward with plans to\u2026","rel":"","context":"In &quot;Energy&quot;","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":597493,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/is-uaes-dana-gas-looking-to-exit-egypt\/","url_meta":{"origin":575754,"position":2},"title":"Is UAE\u2019s Dana Gas looking to exit Egypt?","author":"enterpriseam admin","date":"29 July 2019","format":false,"excerpt":"Is Dana Gas planning to exit Egypt? Abu Dhabi-listed energy producer Dana Gas is looking to offload its Egyptian assets and has hired investment bank Tudor, Pickering, Holt & Co. (TPH) to advise it on the sale, two unnamed sources close to the matter told Reuters. Dana holds stakes five\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597586,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/dana-gas-confirms-it-hired-financial-advisors-to-look-at-egypt-exit\/","url_meta":{"origin":575754,"position":3},"title":"Dana Gas confirms it hired financial advisors to look at Egypt exit","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"Dana Gas confirms hiring financial advisors for the potential sale of Egypt assets: Dana Gas confirmed reports earlier this week that it has hired financial advisors to study the possibility of selling down its Egypt asset portfolio in a bourse filing (pdf) on Tuesday. \u201cThe company is undertaking a strategic\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":595032,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/dana-gas-considers-multiple-scenarios-for-sale-of-egypt-assets-will-decide-in-november\/","url_meta":{"origin":575754,"position":4},"title":"Dana Gas considers multiple scenarios for sale of Egypt assets, will decide in November","author":"enterpriseam admin","date":"15 September 2019","format":false,"excerpt":"Dana Gas considers multiple scenarios for sale of Egypt assets, will decide in November: Dana Gas is considering offloading remaining arrears owed to it by the Egyptian state on to whoever ends up buying its Egyptian assets, CEO Patrick Allman-Ward told the UAE\u2019s Al-Ittihad newspaper on Wednesday. Speaking on the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/739.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597543,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/dana-gas-confirms-possible-egypt-exit\/","url_meta":{"origin":575754,"position":5},"title":"Dana Gas confirms possible Egypt exit","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"Dana Gas confirms possible Egypt exit: Dana Gas is studying the possibility of selling its Egypt assets to focus on its \u201cmassive resources\u201d in the Kurdistan Region of Iraq (KRI), but will continue its operations until then normally, Head of Investor Relations Mohammed Mubaideen confirmed to CNBC Arabia yesterday (watch,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/613.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575754","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=575754"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575754\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575743"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575755"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575754"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575754"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}