Abu Dhabi - Mubasher: Dana Gas collected $31 million from the Kurdistan Region of Iraq in the first quarter of 2017, representing approximately 119% of total billings, according to a bourse statement.
This was due to direct sales of liquid products to the local market and regular pro-rata payments against the $100 million peremptory order.
The company’s overall trade receivables rose to $1 billion by the end of Q1-17, compared to $982 million as of 31 December 2016.
Dana’s 35% share of gross production for the first quarter 2017 was 26,500 barrels of oil equivalent per day (boepd), up 4% from 25,500 boepd in the first quarter 2016.
Dana has started selling condensates directly to the government through the Jambour pipeline after it completed all its previously agreed local sales contracts.
The consortium has been paid $20 million in advance and regular monthly payments commenced in April.
The company’s stock stabilised at 0.43% by 12:00 pm UAE time, generating AED 6.24 million from the exchange of 14.32 million shares.
