Abu Dhabi – Mubasher: Dana Gas is achieving progress in the production output goals, but facing payment delays from Egypt, said CEO Patrick Allman in a bourse filing on Wednesday.
These delays will be offset through better-than-anticipated collections in Iraq’s Kurdistan region, the CEO added, assuring that the company will be require to review operational and capital expenditure in Egypt for 2017 if the situation remained unimproved.
Egypt’s collections for the first nine months were $69 million, which represents 77% of total revenues over the period, while receivables increased to $242 million by the end of the third quarter from $230 million a quarter ago.
In Kurdistan, collections stood at $64 million, representing 121% of the total revenues during the nine-month period, while’s receivables went down to $722 million in Q3: compared with $726 million for the second quarter.
