Dana Gas has abandoned plans to sell its Egyptian assets to IPR Wastani Petroleum for up to $236 million.
Instead, the company will keep the package. Dana highlighted the exploration opportunities in offshore Block 6, in particular. Under the IPR agreement, Dana was to keep Block 6 and Block 3.
Dana had announced the deal in late October 2020. However, it said, a number of conditions that were required could not be completed before the long stop date of April 14.