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​Sharjah

Oct 22 2013

This disclosure is made pursuant to Article 33 of the Abu Dhabi Stock Exchange Regulations as to Disclosure and Transparency

 
Dana Gas discloses that, along with Crescent Petroleum and the Pearl Petroleum Company Limited (which holds petroleum rights in the Kurdistan Region of Iraq), it has commenced arbitration proceedings at the London Court of International Arbitration (LCIA), in order to clarify certain contractual rights under their Agreement with the Kurdistan Regional Government of Iraq (KRG), which was signed in April 2007 and is governed by English Law (the Agreement).

 
The objective of the arbitration, which is pursuant to the agreement, is to obtain confirmation on  Pearl Petroleum Company’s ’s long-term contractual rights for the development and marketing in respect of the Khor Mor and Chemchemal fields; including the outstanding receivables owed by the Ministry of Natural Resources (MNR) in the Kurdistan Region of Iraq.

 
This follows concerted and sincere efforts to resolve differences of opinion with the MNR including a formal mediation procedure under the LCIA Rules, with which the MNR unfortunately declined to engage.

 
The Board of Directors of Dana Gas made their decision in order to protect the interests of the Company’s shareholders and investors, and very much hopes that all outstanding matters with the MNR will be resolved, amicably and in good faith, in the shortest possible time, in order to enable full and proper development of the fields, as envisaged in the Agreement, for the benefit of the people of the Kurdistan Region and all of Iraq.

 
Dana Gas is proud to be, together with its partners, the largest oil and gas sector investor and producer in the Kurdistan Region of Iraq. To date, they have invested over US$1 billion and produced approximately 100 million barrels of oil equivalent (boe) of gas and petroleum liquids. In the five years since October 2008, when production commenced, output has been uninterrupted, allowing affordable electricity provision and an economic and social transformation of the Kurdistan Region under the progressive policies of the KRG.

 
Dana Gas reaffirms its intention, together with its partners, to continue fulfilling its obligations under the terms of the Agreement with the support and cooperation of the KRG and reiterate its continued, long-term commitment to the KRG and to the people of the Kurdistan Region and all of Iraq.​
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