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Dana Gas and Crescent Petroleum resume Khor Mor expansion project SHARJAH, 4 hours, 45 minutes ago 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 $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 board has decided to retain and operate assets in Egypt alongside the offshore Block 6, the statement added. The $236m binding agreement with IPR Wastani Petroleum, a part of IPR Energy Group, also included contingent payments, Dana Gas said in a statement to the ADX at the time. Dana Gas expected the transaction, which was subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval, to be completed early this year, it said in it s October 25 statement. The impact on Dana Gas finances from the cancellation of the sale is still being assessed, the company said. However, the company said there could be positive consequences on its profitability and balance sheet as well as improvement in cashflow over the coming years. ....
Dubai: Dana Gas said it terminated the sale of its Egyptian assets after it failed to come to an agreement with IPR Energy Group (IPR). “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,” said Dana Gas in a statement. The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6, it added. Last year, Dana entered into a binding agreement with IPR for the sale of its onshore Egyptian producing oil and gas assets for up to $236 million (Dh866.88 million), including contingent payments. ....
Dana Gas KRI collections at $53m SHARJAH, 3 hours, 32 minutes ago Dana Gas, the Middle East’s largest regional private sector natural gas company, announces that year-to-date Pearl Petroleum has received $151 million from the sale of gas, condensate and LPG, in the Kurdistan Region of Iraq (KRI). All invoices from the KRG continue to be settled in full and in a timely manner.
Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly its share of KRI collections year-to-date is $53 million (AED 194 million). Of Pearl Petroleum’s total collections this year, $24.6 million was received in respect of overdue receivables, of which Dana Gas’s share was $8.6 million. Pearl Petroleum’s overdue receivables from the KRI stand at $42 million following the most recent payment, with Dana Gas’s share at $14.8 million. ....
Dana Gas KRI collections at $53 million year-to-date SHARJAH, 20th April, 2021 (WAM) Dana Gas has announced that year-to-date Pearl Petroleum Company Limited has received $151 million (AED553 million) from the sale of gas, condensate and LPG, in the Kurdistan Region of Iraq (KRI). All invoices from the KRG continue to be settled in full and in a timely manner. Dana Gas is a 35 percent shareholder in Pearl Petroleum and accordingly its share of KRI collections year-to-date is $53 million (AED 194 million), the company said in a statement on Tuesday. Of Pearl Petroleum’s total collections this year, $24.6 million was received in respect of overdue receivables, of which Dana Gas’s share was $8.6 million. Pearl Petroleum’s overdue receivables from the KRI stand at $42 million following the most recent payment, with Dana Gas’s share at $14.8 million. ....