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Monday, 5 March 2018

Dana Gas receives USD 10.4 mn from gas sales to Egypt

Dana Gas received USD 10.4 mn last month from the sale of Egyptian natural gas condensate as part of a plan to recover outstanding receivables, the company disclosed to the ADX. Dana Gas sold 157,200 bbl of El Wastani condensate at an average price of USD 66.5 per bbl. “The sale marks the fourth cargo of Egyptian condensate since the start of 2017. Last year, the Company sold three shipments for a total receipt of approximately USD 21 mn. The shipments are part of the Gas Production Enhancement Agreement signed with the Egyptian government as a mechanism to help pay down the overdue receivables.”

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