Egypt has paid an additional $35 million to Dana Gas as a part of its overdue, the company announced.
Dana Gas further received $9.3 million from the sale of 157,350 barrels of condensates from Egypt’s El Wasatani field. The two payments were received in US dollars.
The company received total $199 million from Egypt during 2018, compared to $164 million received in 2017, increasing by 21% year-on-year (YOY).
Patrick Allman-Ward, Dana Gas CEO, said the payments enable the company to complete its final preparations to drill its first offshore deep-water exploration well in Block 6 at North El Arish Concession area by early in 2019.
“This is the first of several high-potential prospects in the block. We are encouraged by the government’s willingness to make payments against their outstanding receivables before the year-end and we hope this will carry through into 2019 to clear the outstanding balance entirely as per the agreement,” he added.