Dubai – Mubasher: Dana Gas on Monday announced that it has received an amount of AED 1.2 billion ($324 million) during the full-year 2018 from its operations in Egypt, the Kurdistan Region of Iraq, and Sharjah in the UAE.
The Middle East’s largest regional natural gas company noted that this will support its growth plans and dividend distribution policy.
On Sunday, the Sharjah-based company revealed that it had received an additional payment of AED 162.4 million ($44.3 million) from its operations in Egypt.
This payment consists of an additional $35 million industry payment from the Egyptian government and $9.3 million from the sale of 157,350 barrels of El Wastani condensate.
The Abu Dhabi-listed company also said that Pearl Petroleum Company Limited received AED 374 million ($102 million) from condensate and LPG sales from the Khor Mor field in the Kurdistan Region of Iraq, it said in a bourse filing.
Accordingly, the share of Dana Gas, a 35% shareholder in Pearl Petroleum, of this receipt by Pearl Petroleum is AED 132 million ($36 million).
“In the Kurdistan Region of Iraq, our joint operations have received all payments in full and on time, which gives confidence for our planned future investments to more than double production levels there within the next few years,” Dana Gas CEO Patrick Allman-Ward stated.
By the end of Monday’s session, Dana Gas’s stock hiked 12.54% at AED 0.94.
