Sharjah, UAE: Currently, natural gas constitutes 75% of the Company’s production which is sold under long term gas sale contracts with host Governments at prices which are unaffected by falling oil prices. These gas sales account for approximately half of the Company’s income, leading to sustainable revenues even in low oil price environments.

Patrick Allman-Ward, CEO of Dana Gas said: “Since half of our income is protected in low oil price environments, we are competitive and opportunistic at the current environment. We are obviously monitoring the market closely and responding accordingly. The Company already has an excellent track record of cost control and we will obviously be looking at identifying potential areas for further cost reductions should the low oil price environment persist. In the meantime, the Company will continue implementation of its planned projects in the KRI which will lead to significant growth in both production and revenues in the years to come.”

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.