Abu Dhabi-Mubasher: Dana Gas’s stock saw a positive performance in mid-session despite a wave of all declines that hit most of the stocks in Abu Dhabi Securities Exchange.
The stock rise followed the company’s statement on the amicable and mutually beneficial settlement agreement it reached with RWEST.
The stock added 8.30% to AED 0.49 by 11:50am UAE time after trading 64.43 million shares at a turnover of AED 31.6 million.
As per the agreement, the share of Dana Gas in the settlement will be 50% of those amounts and the other 50% will be for Crescent Petroleum
Dana Gas’s share in Pearl Petroleum Company will be reduced to 35% from 40%. Crescent Petroleum shares will be also reduced to 35% instead of 40%. And each of RWEST, OMV and MOL will have 10% stake in Pearl Petroleum.
