Middle East Natural Gas Firm, DANAGAS, Reports Strong Growth
• Net profit of AED 241 million, up 17% year-on-year
• Production of 61,400 boepd, up by 3% compared to Q4, 2012
• 100% interest in offshore Block 6 Concession area in Egypt
• Pre-qualified in Lebanon’s first offshore licensing round
• Refinancing of the $1bn Sukuk completed
Revenues and gross profit declined during Q1 2013, owing to a conservative cash policy towards capital expenditure and a temporary suspension of Liquefied Petroleum Gas (“LPG”) production in Kurdistan Region of Iraq (“KRI”).
Revenues and gross profits are expected to increase as new discoveries in Egypt are brought to production and upon resumption of LPG production in Kurdistan in June 2013 following completion of repairs to the LPG loading bay.
Commenting on the results, Dr. Adel Al-Sabeeh, Chairman of Dana Gas, said:
“Our disciplined approach and long-term business strategy has allowed Dana Gas to achieve an encouraging first quarter while completing the refinancing of the sukuk and posting an increase in net profit. We are committed to expanding regionally and were successful in our bid to be awarded an oil and gas prospecting project in northern offshore Egypt as well as pre-qualifying in Lebanon’s first offshore licensing round.”
Rashid Al-Jarwan, Executive Director and Acting Chief Executive Officer of Dana Gas, added:
“We have had an active start to the year. Egypt and Kurdistan have increased their quarterly production as we brought on stream discoveries, added compression facilities to enhance current production. These developments, combined with the completion of the sukuk refinancing have meant we can approach the rest of 2013 with renewed confidence and ensure our future growth plans deliver value to our stakeholders.”