Dana Gas is currently in negotiations with IPR Energy about the sale of its Egyptian assets ahead of a repayment of about $300 million in debt in October, three unnamed sources told Reuters.

The sources stated that Dana Gas was aiming to yield over $500 million in the deal, however, the deal will most likely be done at a lesser amount.

Dana has previously announced that the proceeds of the sale would be used to pay $397 million in outstanding sukuk, which are due at the end of October. In a previous statement, the company clarified that the outbreak of the coronavirus (COVID-19) caused the delay in selling its assets in Egypt, noting that the initial sale process was supposed to be completed in March.