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Sunday, 14 May 2017

Dana Gas net income nearly doubles, output increases by 16% in 1Q2017

Dana Gas’ output increased by 16% y-o-y to 69,900 boepd in 1Q2017 driven by increased production from Egypt, according to Bloomberg. The company’s net income in 1Q2017 rose to AED 40 mn, from AED 22 mn a year earlier. Dana Gas says it is owed USD 1 bn from Egypt and Kurdistan, up from USD 982 mn at the end of 2016, because payments from Egypt slowed, CEO Patrick Allman-Ward said. He added that new investment in Egypt will depend on the country’s ability to pay for current deliveries. The also said it has started refinancing discussions with the holders of its USD 700 mn sukuk maturing in October. “The lack of collections had raised concerns over the company’s ability to repay the dollar sukuk over the past few months, which put downward pressure on the price of the company’s outstanding Islamic debt,” Reuters says.

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