Dana Gas has finally paid off its outstanding Sukuk of $309 million, the company announced in a statement.
The original total of the Sukuk was estimated at $503 million and was issued in 2017. Since then, the company has repurchased $221 million of that amount over the past three years. Currently, Dana Gas is free of any financial obligations except for the recent $90 million credit facility with an initial annual interest of 3% added to LIBOR.
Dana Gas’s CEO, Patrick Allman-Ward, stated that “We are pleased to have settled all our obligations with our Sukuk holders as scheduled and have now significantly reduced our ongoing financing costs. We have a strong business model and substantial growth potential from our asset base which includes, (once the previously announced sale of our Egyptian assets completes), two world-class fields in the KRI and a highly prospective offshore block in Egypt.”