Dana Gas’s total production has averaged around 64,900 barrels of oil equivalent per day (bbloe/d) indicating a 2% increase compared to 63,650 bbloe/d in Q1 2020, according to a press release.
The company’s production in Egypt has recorded 29,050 bbloe/d during Q1 2021, showing a decline of 5% that was balanced by the increase in production in the Kurdistan Region of Iraq (KRI). The company has collected $23 million during Q1 from Egypt and its receivables at quarter-end recorded $131 million.
Additionally, the company’s net profit rose up 41% in Q1 2021 reaching $24 million against $17 million in Q1 2020. That was mainly due to improved revenue of $106 million due to higher production in KRI alongside a reduction in finance cost.
Dana Gas’s CEO, Patrick Allman-Ward, commented: “Dana Gas has delivered a strong quarter with robust operational performance, continuing the positive momentum from the previous period. In the KRI we are moving ahead with our expansion plans to significantly boost production from 440 million standard cubic feet (mmscf/d) to 690 mmscf/d by April 2023.”
“This will contribute positively to our top and bottom line. We remain fully committed to managing our producing assets in Egypt for the benefit of all our stakeholders and focusing on evaluating the exciting potential of our offshore Block 6 Concession Area as quickly as possible.” he added.