Abu Dhabi-Mubasher: Dana Gas saw its trade receivables reach AED 3.5 billion ($960 million) as at 30 June 2016, with a total of AED 363 million ($99 million) collected in the first half of the same year, the company’s CEO Patrick Allman-Ward.
“Notable has been the increase in production from our Egyptian fields, which is now at the maximum capacity for the gas processing plant,” the CEO said, adding that “we are currently drilling the deep Oligocene exploration well onshore Nile Delta and we anticipate that the well results will be known before year-end”.
The company’s cash stood at $344 million at mid-year, but the overall business environment remains challenging.
"In September the next phase of the arbitration case with the KRG will take place in which all of the outstanding contractual issues will be resolved," according to Allman-Ward.
Capital expenditure investment amounted to AED 293 million ($80 million) in H1-16, the statement highlighted, noting that the expenditure was focused on the GPEA capital investment program and the Zora gas field development project in the UAE.
