Dana Gas Earned $13m

Dana Gas Earned $13m

Dana Gas, the Sharjah-based natural gas company, declared a third quarter net profit of $13m, compared to a net loss of $9m during the same period in 2015, reported Gulf News. The nine-month net profit stood at $26m, against a gain of $10m in the same period last year.

The company pointed that the reason of this increase due to a combination of accrued interest due on overdue receivables from the Kurdistan Regional Government (KRG), were collection stood $64m, and additional reductions in operating expenditure and general expenses, according to Trade Arabia.

The Combined average realized liquids price during the third quarter was $32b of oil equivalent (boe) as compared to $41boe in the third quarter 2015. However, the third quarter’s incremental production in Egypt and new production from Zora Gas Field pushed revenue higher on a quarter-on-quarter comparable basis.

Dana Gas’s CEO, Patrick Allman-Ward, said that despite collections decreasing due to payment delays from Egypt, Dana managed to offset these through better than anticipated collections in Iraq’s Kurdistan Region.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password