Abu Dhabi – Mubasher: Dana Gas, a leading gas company based in Sharjah, on Sunday announced it had received AED 177 million ($48 million) payments from its operations in Egypt in June.
The payments include $38 million from the Egyptian government and $10 million from the sale of the second El Wastani condensate shipment in 2019, according to a press release.
This is part of the Egyptian government’s efforts to cut its overdue receivables position to zero by the end of 2019, Dana Gas indicated.
The Sharjah-based gas firm has already received total payments of $78 million in the first half of 2019, cutting the company’s receivables to $125 million.
In 2018, the company’s total receipts from Egypt stood at $208 million, contracting the total dues to $140 million by the end of last year, the lowest level since January 2011.
Patrick Allman-Ward, CEO of Dana Gas, commented: “Receiving $38 million from the Egyptian government in June shows steady progress for the Government in achieving its target of paying all the overdue receivables by year-end.”
“These payments will provide funds to execute our current onshore work-over programme and contribute towards the costs of drilling Merak-1, our deep-water exploration well in Block 6. Drilling operations are progressing well and we are expecting to have results in the third quarter this year,” he added.
On 20 May 2019, Dana Gas had begun drilling operations at its Merak-1 well, offshore Egypt, located in 755 meters of water in the North El Arish concession (Block 6).
