Dana Gas Company collections from Egypt increased 96% year-on-year in the first ten months of 2021 to reach $133 million from $68 million during the same period of 2020, the company announced.

Meanwhile, Dana Gas’ receivables from KRI rose by 78%, reaching $150 million, compared to $84 million during the first ten months of 2020.

“The levels of collections in both the KRI and Egypt have been exceptional over the first ten months of the year due to the rise in oil prices. Continuing timely payment of invoices and the settlement of outstanding receivables is so important to providing us with the confidence to carry on with our expansion plans in the KRI and Egypt. Together with the rebound in hydrocarbon prices this will also boost our revenues, profitability and cash position,” Patrick Allman-Ward, CEO of Dana Gas, commented.