Dana Gas confirmed that it is studying the possibility of selling its Egypt asset portfolio and has hired financial advisors accordingly, the company said in a statement.

“The company is undertaking a strategic review of its Egyptian oil and gas assets and has hired financial advisors to look at a possible sale at full value, having substantially developed the said assets,” the UAE gas company said.

According to the statement, Dana Gas will instead shift its focus to further develop and boost production from its oil and gas fields in Kurdistan, Iraq, as it contains more than 90% of the company’s 2P reserves.

Another statement earlier this week by Reuters said that investment bank Tudor, Pickering, Holt & Co. (TPH) will offer its advise for the sale of the company’s $500 million Egyptian asset Merak-1 well, where no commercial discoveries have been made.

Merak well in Block 6 in the Eastern Mediterranean Sea was estimated to hold up to 4 trillion cubic feet of gas. However, after drilling 3,890 metres and encountering 46 m of sand in the Miocene objective interval, Dana Gas decided to plug out and abandon the well.