Dana Gas has struck a deal to sell its Egyptian assets to IPR Wastani Petroleum for up to $236 million, including contingent payments.
Dana Gas has signed up a $90 million corporate facility from Mashreq Bank, allowing it to redeem its sukuk when it falls due at the end of the month.
Dana Gas has taken a step towards splitting its upstream and midstream businesses off from each other, following approval for the plan from its shareholders at an AGM vote.
Dana Gas has received a number of bids for its Egyptian portfolio and will come to a decision by the end of March.
A High Court fight featuring only one combatant is due to start next week.
Dana Gas, the Middle East's largest regional independent natural gas company, is facing restructuring talks with Islamic bond holders.
Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said.
Second quarter profits were flat at Dana Gas as low oil prices hit earnings, the UAE-based energy firm said today.
The oil market is heading for a “bumpy road” with prices close to levels that are profitable for U.S. shale producers, according to Patrick Allman-Ward, chief executive officer of Dana Gas PJSC, which produces natural gas in Egypt and Iraq.
Dana Gas PJSC, the United Arab Emirates- based energy company operating mostly in Egypt and Iraq, expects low oil prices to remain a challenge into next year after the company reported a quarterly loss.