{"id":597543,"date":"2019-07-30T04:14:31","date_gmt":"2019-07-30T04:14:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/dana-gas-confirms-possible-egypt-exit\/"},"modified":"2019-07-30T04:14:31","modified_gmt":"2019-07-30T04:14:31","slug":"dana-gas-confirms-possible-egypt-exit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/dana-gas-confirms-possible-egypt-exit\/","title":{"rendered":"Dana Gas confirms possible Egypt exit"},"content":{"rendered":"<p><b>Dana Gas confirms possible Egypt exit:<\/b> 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 (<a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/56020\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%B9%D9%84%D8%A7%D9%82%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D9%81%D9%8A-&amp;quot;%D8%AF%D8%A7%D9%86%D8%A9-%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9&amp;quot;-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%86%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%B9%D9%8A-%D8%A8%D9%80-250-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D9%82%D8%AF%D9%85-%D9%85%D9%83%D8%B9%D8%A8-%D8%A8%D8%AD%D9%84%D9%88%D9%84-2021.html\">watch, runtime: 10: 56<\/a>). Unnamed sources told Reuters <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/29\/is-uaes-dana-gas-looking-to-exit-egypt\/\">earlier this week<\/a> that the company has hired investment bank Tudor, Pickering, Holt & Co. (TPH) to advise it on the sale of the assets, which are worth more than USD 500 mn. Al Arabiya also interviewed Mubaideen yesterday (<a href=\"https:\/\/www.alarabiya.net\/ar\/aswaq\/companies\/2019\/07\/29\/%D9%84%D9%85%D8%A7%D8%B0%D8%A7-%D8%B3%D8%AA%D8%AA%D8%AE%D8%A7%D8%B1%D8%AC-%D8%AF%D8%A7%D9%86%D8%A9-%D8%BA%D8%A7%D8%B2-%D9%85%D9%86-%D9%85%D8%B5%D8%B1%D8%9F-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%AC%D9%8A%D8%A8-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9\">watch, runtime: 06:19<\/a>).<\/p>\n<p><b>Why the exit?<\/b> \u201cIt\u2019s a strategic decision to focus on the massive resources in the KRI,\u201d Mubaideen told CNBC. The Emirati company said <a href=\"https:\/\/adxservices.adx.ae\/WebServices\/DataServices\/contentDownload.aspx?doc=1702112\">on Sunday (pdf)<\/a> that its share of hydrocarbon reserves at Pearl Petroleum Company\u2019s Khor Mor and Chemchemal Fields in the region have jumped 10% to around 1 bn boe, perhaps making them the biggest gas fields in Iraq. One of the sources speaking to Reuters said that focusing on a single region could make the company more attractive to investors ahead of a potential listing on the London Stock Exchange.<\/p>\n<p><b>The company will continue to operate as normal in the meantime: <\/b>\u201cWe\u2019re committed to our operations in Egypt,\u201d Mubaideen said, adding that the Abu Dhabi-listed energy producer is planning to invest in drilling in the El Matareya concession in the Nile Delta. The company announced on Sunday that it is abandoning its Merak-1 well in the North Arish concession after failing to find commercial hydrocarbons, but will continue exploration efforts in the concession.<\/p>\n<p><b>No one has officially told us anything: <\/b>The Oil Ministry has not received any official notice from the company about plans to exit the country, ministry sources told Amwal Al Ghad.<\/p>\n<p><b>Background: <\/b>Dana holds stakes in five onshore exploration and production concessions in the Nile Delta and one offshore block in the eastern Mediterranean. Dana Gas\u2019 production climbed 6% y-o-y in 1Q2019 to 68.7k boe\/d from 65k boe\/d during the same quarter last year, partly due to an increase in production from its Balsam 8 field in Egypt, the company <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/11\/dana-gas-production-climbs-6-thanks-in-part-to-egypt-field\/\">said in April<\/a>. Egypt <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/01\/egypt-pays-dana-gas-usd-38-mn-in-owed-arrears\/\">last month<\/a> paid the Emirati company USD 38 mn in overdue arrears, reducing its outstanding receivables to USD 125 mn, the lowest level since 2011.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, runtime: 10: 56). Unnamed sources [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":597544,"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":[110,93,72,11188,11187,2380,11186],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-dana-gas","tag-energy","tag-enterpriseam","tag-holt-co","tag-pickering","tag-speed-round","tag-tudor","wpautop","entry"],"acf":{"mongo_id":"d70bccf1-7201-49cd-8e36-d7555f0ecece","is_powered_by":true,"section_story_id":"be6e89d9-d4b7-48ed-be74-f7715b341ecd","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/613.jpg","photo_position":"above","related_issue":[597528],"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 confirms possible Egypt exit - 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\/2019\/07\/30\/dana-gas-confirms-possible-egypt-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dana Gas confirms possible Egypt exit\" \/>\n<meta property=\"og:description\" content=\"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, runtime: 10: 56). 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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":570662,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/dana-gas-confirms-its-review-of-potential-egypt-asset-sale-is-behind-schedule\/","url_meta":{"origin":597543,"position":1},"title":"Dana Gas confirms its review of potential Egypt asset sale is behind schedule","author":"enterpriseam admin","date":"9 April 2020","format":false,"excerpt":"M&A WATCH- Dana Gas confirms its review of potential Egypt asset sale is behind schedule: Dana Gas is still moving head with its review of whether it will sell its onshore and offshore Egypt assets, but the process has been slowed down by the covid-19 pandemic and is currently running\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":646442,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/14\/dana-gas-debt-restructuring-takes-another-twist\/","url_meta":{"origin":597543,"position":2},"title":"Dana Gas debt-restructuring takes another twist","author":"enterpriseam admin","date":"14 June 2017","format":false,"excerpt":"Dana Gas debt-restructuring takes another twist: Dana Gas plans to restructure its USD 700 mn of sukuks after its board received instructions that, in their present form, Dana Gas sukuks are not Shari'a compliant and is therefore unlawful under UAE regulations, the company said in a statement on Tuesday. 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632472,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/12\/dana-gas-sees-profits-after-egypt-kurdistan-make-payments\/","url_meta":{"origin":597543,"position":3},"title":"Dana Gas sees profits after Egypt, Kurdistan make payments","author":"enterpriseam admin","date":"12 February 2018","format":false,"excerpt":"EARNINGS WATCH- Dana Gas saw net profits of USD 83 mn in FY2017, up from a net loss of USD 88 mn in FY2016, largely on the back of payments from Egypt and the Kurdistan Regional Government, according to Reuters. Dana, which has struggled to collect receivables from Kurdistan and\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":630899,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/05\/dana-gas-receives-usd-10-4-mn-from-gas-sales-to-egypt\/","url_meta":{"origin":597543,"position":4},"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 &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":648176,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/dana-gas-board-of-directors-approves-carrying-out-limited-drilling-activities-in-egypt\/","url_meta":{"origin":597543,"position":5},"title":"Dana Gas\u2019 board of directors approves carrying out limited drilling activities in Egypt","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"Dana Gas\u2019 board of directors has approved carrying out limited drilling activitiesin Egypt. \u201cIn light of the recent collections received from the Egyptian government the board considered and approved that additional limited drilling activities should be carried out,\u201d the company said in a bourse statement picked up Gulf News. Egypt\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597543","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=597543"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597543\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597544"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597543"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597543"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}