Dana Gas on Tuesday announced it has commenced drilling operations yesterday at its Dana Gas begins drilling at Merak-1 well, offshore Egypt. The location is in 755 metres of water in the North El Arish concession, also known as Block 6. This block is in the Eastern Mediterranean
Sharjah-based Dana Gas’ net profit jumped 483 per cent to $140 million (Dhs513 million) in first half of 2019 compared with $24 million (Dhs88 million) in the same period last year.
Dana Gas has announced that in the first nine months of 2019, collections in Egypt, the UAE, and from its share of Pearl Petroleum Company Limited’s sales in the Kurdistan Region of Iraq (KRI)
Dana Gas has robust operations and cash flows since a large part of the company’s revenue comes from long-term gas contracts rather than oil, whose price is largely uncorrelated to oil.
Dana Gas has announced that natural gas currently constitutes 75 per cent of the company’s production, which is sold under long term gas sale contracts with host governments at prices which are unaffected by falling oil prices.
The Board of Directors of Dana Gas will recommend to shareholders at the Annual General Meeting on 14th April the distribution of an 5.5 fils per share cash dividend for the Financial Year, FY, ended 31st December, 2019.