Abu Dhabi-Mubasher: UAE energy firm Dana Gas said Tuesday it has received $53 million in overdue payments from the Egyptian government in the first nine months of 2015.
The company also announced a significant gas discovery at Balsam-3, and proved up additional 2P reserves with the Balsam-2 development well, located in the Balsam Developmental Lease in the Nile Delta region.
Preliminary estimates showed that there are additional 2P reserves of 165 billion cubic feet (Bcf) of gas, equivalent to 28 million barrels of oil equivalent.
This is the first gas resulting from new investment program linked to the gas production enhancement agreement signed between Dana Gas and the Egyptian government in August 2014.
Dana Gas offset $13 million against the signature bonus for Block 1 and 3 and $3 million of payables to government-owned contractors.
Trade receivables stood at $ 252 million as at 30 September 2015, compared to $233 million as at 31 December 2014.
