Sale of Egypt assets is on track for completion in H1: Dana Gas

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ArabFinance: Selling the Egyptian onshore assets of the UAE-based Dana Gas is on track for completion during the first half (H1) of 2021, according to a February 11^thdisclosure.

Dana Gas will retain its interests in its offshore exploration concession in North el Arish Block 6, which contains material gas resource potential in excess of 20 trillion cubic feet.

CEO Patrick Allman-Ward said the firm will be “concurrently moving ahead with [its] plans to prepare for the drilling of the next exploration well in Block 6 in Egypt, which holds exciting, material upside potential.”

The Emirati energy firm incurred $412 million (EGP 6.43 billion) of impairments in 2020, mainly due to the sale of the Egyptian assets, the statement highlighted.

The company’s Egypt receivables stood at $130 million (EGP 2.03 billion) at the end of last year.

Dana Gas entered into a binding agreement with IPR Wastani Petroleum in October 2020 to sell its assets in the Arab republic.

The firm earlier expected the sale deal to be concluded in the beginning of 2021.

*At press time, the conversion rate is $1 = EGP 15.62

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