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The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, has received a $20 million payment from the Egyptian Government.
This amount takes the funds received in Egypt in Q4 2024 to $24.5 million.
The payment will be reinvested in Dana’s existing operations in Egypt, where Dana Gas Egypt (DGE) has been operating since 2007.
Under a new investment plan Dana will drill 11 wells at an average cost of $3-5 million per well. The drilling activities are planned for February 2025 and will last 18 months.
The Abu Dhabi-listed energy producer, whose main assets are in the UAE, Egypt and in the Kurdistan Region of Iraq (KRI), had $60 million in Egypt receivables as of September 30.
Dana said the latest payment enhances its liquidity position, which would allow it to consider resuming dividend payments to shareholders.
(Writing by Brinda Darasha; editing by Bindu Rai)
