Dana Gas has announced receiving arrears equivalent to $20 million in Egyptian pounds from the Egyptian government, the company announced in a press release.
Egypt paid a total of $152 million to Dana Gas in 2018, and the company expects another payment in US dollars to be received before the end of 2018.
“We are encouraged by this latest payment and we are looking forward to further payments before the year-end which will enable Dana Gas to proceed with its plans to drill the Merak deepwater exploration well, one of several prospects in the Block 6 North El Arish concession area with high potential,” Patrick Allman-Ward, CEO of Dana Gas, said.
Dana Gas will soon begin drilling its first deepwater exploration well in Egypt’s North El Arish offshore concession. The company recently completed drilling the Balsam-8 production well and connected it to the pipeline network.