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.
Dana Gas, the Middle East's largest regional independent natural gas company, is facing restructuring talks with Islamic bond holders.