Abu Dhabi – Mubasher: Sharjah-based Dana Gas, listed on the Abu Dhabi Securities Market (ADX), on Tuesday announced that it had received AED 73 million ($20 million) in dues from the Egyptian government.
Total receivables from the most populous Arab country stood at $152 million for the year, Dana Gas said in a statement.
The Emirati gas firm is expecting a further payment to be made in the US dollar currency by the end of this year, according to the statement.
“We are encouraged by this latest payment and we are looking forward to further payments before year end which will enable Dana Gas to proceed with its plans to drill the Merak deepwater exploration well, one of several prospects in the Block 6 North El Arish Concession Area with high potential,” CEO of Dana Gas Patrick Allman-Ward said.
The ADX-listed firm is currently determined to drill its first deepwater exploration well in the North El Arish Offshore (Block 6) Concession area in 2019 and final preparations are underway, the statement added.
The company has recently completed the drilling operation of the Balsam-8 production well ahead of schedule and under budget and has tied it into the pipeline network, it noted.
The well has added over 5,000 barrels of oil equivalent per day “boepd” to the company’s output.
Last week, Dana Gas, the Middle East’s largest regional private sector natural gas company, unveiled its production reached 70,000 boepd on 19 November and has since been sustained above that level.
