Cairo – Mubasher: Dana Gas said Thursday that total receivables in Egypt increased in 2016 to $265 million from $221 million in 2015.
Collections for the full year 2016 were $79 million, representing 64% of total dues. Fourth quarter collections were $10 million, according to a statement.
Dana Gas Egypt recorded a drilling success rate of 92% in 2016, raising the total output by 11% to 37,600 boepd (Barrels of Oil Equivalent Per Day) in 2016 compared to 33,900 boepd in 2015.
Fourth quarter production increased 31% to 40,500 boepd from 30,900 boepd in Q4 2015.
"Unfortunately, we still face challenges around collections, which were disappointing in Egypt last year, and we must therefore balance further investment in the country with collections going forward,” Patrick Allman-Ward, CEO, Dana Gas, said.
“The situation around lack of payment in Egypt coupled with our sukuk maturity due at the end of October this year means that we must remain focussed on short-term cash preservation,” he added.
