Egypt: Dana Gas announces termination of agreement for the sale of its Egyptian assets
26 Apr 2021
Dana Gas has announced the termination of its agreement for the sale of its Egyptian assets, announced on
A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties prior to the long stop date of the Sale and Purchase Agreement (SPA), which was Wednesday 14th April 2021. The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6.
As per ADX disclosure requirements, the Company is required to disclose the financial impact of this termination. While the Company is still assessing these in detail, it is expected that there will be positive consequences on the Company’s profitability and balance sheet and improvement in its cash flow in the coming years. These beneficial consequences result from the changed circumstances in the global economy and en
Dana Gas announces termination of agreement for sale of its Egyptian assets
édité le 26/04/2021 - Plus de news de Dana Gas - Voir la fiche entreprise de Dana Gas
Dana Gas PJSC, the Middle Easts largest private sector natural gas company, today announced the termination of its agreement for the sale of its Egyptian assets, announced on 25th October 2020.
A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties prior to the long stop date of the Sale and Purchase Agreement (SPA), which was Wednesday 14th April 2021. The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6.
The construction work on the project was put on hold due to the Covid-19 pandemic. Capacity expansion is set to be completed by April, 2023 following an agreement with the Kurdish Regional Government and the companies.
Gas production by the Pearl Consortium accounts for more than 80 per cent of Iraqi Kurdistan s electricity generation, the companies said.
Over $2 billion-worth of investments are committed to Dana Gas Kurdish assets so far. The Khor Mor field produces 440 million cf/d of gas as well as 15,7000 barrels per day of condensate and 1,020 tonnes of liquefied petroleum gas. Condensate refers to a liquid associated with gas production that fetches a high price in the energy markets.
Dana Gas, Crescent Petroleum resume Khor Mor Expansion Project Mon 26th April 2021 | 06:15 PM
SHARJAH, (UrduPoint / Pakistan Point News / WAM - 26th Apr, 2021) Dana Gas and its partner Crescent Petroleum have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of US$600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the COVID pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor.
Dana Gas and Crescent Petroleum resume Khor Mor expansion project
2 hours ago Current production at the Khor Mor field is 440 million cubic feet per day of natural gas.
Dana Gas, the Middle East’s leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the COVID pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor.