Crescent Petroleum News

Dana Gas, one of Middle East’s largest regional private sector natural gas company, announces its financial results for the third quarter and nine month ended September 30, 2013 with a net profit of $28 million and $121 million (USD) respectively. Gross revenue for the third quarter was significantly higher at $170 million, an increase of 21% on Q3 2012. Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) was $93 million which was considerably higher by $6 million than in Q3 2012. Net profit remained flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt. Accordingly, the Group posting a net profit of $28 million in Q3 2013 compared to $29 million in Q3 2012.

Dana Gas PJSC, a Middle East private-sector natural gas company, and Crescent Petroleum, a Middle East’s private oil and gas company, in their capacity as joint operators, have announced the completion of the rebuild of the LPG loading and dispatch facilities at the Kor Mor LPG Plant in Kurdistan Region of Iraq. The reconstruction and upgrading of the loading facilities at a cost of $15 million was carried out following an accident last year by a third party tanker operator, and…