Friday, August 7, 2020

Dana Gas News

Dana Gas Finds New Oil in Kurdistan

Image: Dana Gas

Sharjah-based gas giant Dana Gas has announced that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the Kurdistan Region of Iraq have increased by 10 percent, following the recent certification of reserves by Gaffney Cline Associates…

Dana Gas Receives Dividend From Pearl Petroleum

Dana Gas PJSC, the Middle East’s largest regional natural gas company has announced that it received a dividend payment of $22.75 million (AED 83.5m) from Pearl Petroleum Company Limited (‘Pearl Petroleum’) in proportion to the company’s shareholding in Pearl Petroleum. This brings the total…

Dana Gas Q1 Net Profit Jumps 27%

Photo: Dana Gas

United Arab Emirates-based energy firm Dana Gas on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals.Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement.Dana said the rise was due to higher prices and the reversal of a

Crescent Petroleum, Dana Gas to Increase Production from Khor Mor Field

Photo: Dana Gas

Pearl Petroleum, a company consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a 10 year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to supply and sell the additional quantities of gas that it plans to begin producing later this year in order to boost much needed local domestic electricity generation.

Dana Gas swings to net profit in 2017

File photo: Dana Gas

United Arab Emirates energy producer Dana Gas swung to a net profit of $83 million in 2017 from a net loss of $88 million a year earlier after a $1 billion payment as part of a settlement with the Kurdistan Regional Government (KRG). The company's revenues were also boosted by higher oil prices and higher production in Egypt and Kurdistan…

London Court Finds for Creditors in Dana Gas Sukuk Dispute

A London High Court judge again ruled in favour of creditors on Thursday in a dispute over whether United Arab Emirates energy company Dana Gas must repay $700 million of Islamic bonds, a source familiar with the court proceedings said. Judge George Leggatt rejected an attempt by the company…

Judge Rules in Favor of Creditors in Dana Gas Islamic Bond Case

A London High Court judge on Friday ruled in favour of creditors in a case over whether energy company Dana Gas must repay $700 million of Islamic bonds, a copy of the ruling seen by Reuters showed. The case is being closely watched by the global Islamic finance industry because some investors…

London Court Adjourns Dana Gas Sukuk Trial

A London High Court judge has adjourned hearings on whether the United Arab Emirates' Dana Gas must redeem $700 million of Islamic bonds when they mature at the end of this month, sources familiar with the matter said on Friday. High Court judge George Leggatt is expected to resume the hearings by Nov. 13, the sources said.

Abu Dhabi Fund Takes 5% Stake in Dana Gas

Goldilocks Investment Co, an open-ended equity fund which is part of Abu Dhabi Financial Group, said on Monday it had bought 5 percent of Abu Dhabi-listed gas producer Dana Gas. The fund was launched last October as a $200 million vehicle with a strategy of taking minority stakes in companies and helping them to restructure and develop.

Dana Gas Outlines Broad Terms For Sukuk Discussions

Dana Gas PJSC , the Middle East’s largest regional independent natural gas company, has invited Holders of its Mudarabah Sukuk to a call on Wednesday June 21, at 4 pm UAE time (2 pm EST, 1 pm UTC, 8 am Atlantic Time). The purpose of the call is to communicate directly with the company’s broad Sukukholder group…

Dana Gas Outlines Broad Terms for Sukuk Discussions

Dana Gas PJSC, the Middle East’s largest regional independent natural gas company has updated the market on discussions with holders of its Sukuk dated 8th May 2013, in line with disclosure requirements. On 3 May 2017, Dana Gas invited the holders (‘Holders’) of its outstanding US$350 million…

Profit-taking Hits Gulf Equities after oil tumbles

Profit-taking hit major equity markets across the Gulf in early trade on Sunday after crude oil suffered its biggest weekly percentage decline since January. Petrochemical shares were the main drag on Saudi Arabia's index, which was down 0.4 percent after 25 minutes. Heavyweight Saudi Basic…

Dana Gas: No Gas Import Deal with Iran

The United Arab Emirates' Dana Gas has not been able to reach an acceptable deal with Iran on natural gas imports into the UAE, and an arbitration process will continue, chief executive Patrick Allman-Ward said on Tuesday. However, Dana and its affiliate Crescent Petroleum are still open to further discussions with Iran…

Cresent Petroleum Gas Projects Brings Benefits to Iraq

(Photo: Dana Gas)

Dana Gas and Crescent Petroleum has announced the findings of the ‘Socio Economic Benefits Report’ undertaken by PwC on the impact of their combined investment in their Gas Project in the Kurdistan Region of Iraq in partnership with their Pearl Petroleum Consortium partners. The report concludes…

Gulf Markets Surge as Oil nears $39

Crude Oil Photo IOL

Rising oil prices boosted stock markets in the Gulf early on Sunday, with construction firm Arabtec leading Dubai's market up and Dana Gas jumping in Abu Dhabi. Shares in Arabtec surged 8.0 percent in the first hour of trade after a similar rise on Thursday. They have been swinging wildly…

Dana Gas Begins Production From Zora Field

Photo courtesy of Dana Gas

Dana Gas, a Middle East’s  regional private sector natural gas company, has announced that sales gas production commenced on February 28, 2016 from the Zora Gas Field. Initial project startup was achieved on January 14, 2016 with early gas supplies being intermittent as the gas plant was being fully commissioned.

Dana Gas Profit Up 15%

Egypt Plant 1 Courtesy Dana Gas

Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014.

Dana Gas Announces New Senior Management

Chris Hearne (Photo: Dana Gas)

Dana Gas PJSC, a publicly listed natural gas company in the Middle East, has announced several key senior management appointments. Chris Hearne was appointed as the Chief Financial Officer of the company on January 4, 2016. Prior to joining Dana Gas, Hearne was with Serica Energy plc, an…

Dana Gas Cutting Costs, Staff

Abu Dhabi-listed Dana Gas aims to slash its head office workforce by 40 percent and cut general and administrative costs by half between 2015 and early 2016, its chief executive said on Tuesday. The energy company will continue to invest in Egypt and sees its production in the country increasing…

Dana Gas Sees Q4 Challenges, Cost Cuts Coming

The chief executive of Dana Gas expects the fourth quarter to be "similarly challenging", after the United Arab Emirates-based energy firm swung to a third-quarter loss on lower hydrocarbon prices. "We need to prepare ourselves for the continued low oil price environment going forward," Patrick Allman-Ward told reporters on a results call.