Abu Dhabi – Mubasher: Dana Gas said that the sale of its onshore oil and gas assets in Egypt is expected to be complete in the first half (H1) of 2021, according to a statement on Thursday.
In October 2020, Dana Gas signed a binding agreement with IPR Wastani Petroleum Ltd for the sale of its onshore oil and gas assets in Egypt for a cash consideration of up to $236 million including contingent payments.
The company revealed that its receivables from Egypt reached $130 million (AED 477 million) as of the end of 2020.
In the Kurdistan Region of Iraq, the company has received its payments since March 2020. The region has been committed to paying its invoices on time despite the fiscal challenges during the year.
The company’s cash balance amounted to $108 million at the end of 2020.
During 2020, Dana Gas recorded net losses of AED 1.4 billion ($376 million), against net profits of AED 575 million ($157 million) in 2019.
