Highlights – Q1 2025
Sharjah, UAE; 8 May 2025: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the three-month period ended 31 March 2025.
The Company reported a net profit of AED 158 million ($43mm) for Q1 2025, a 13% increase compared to AED 140 million ($38mm) in the same period last year, despite lower oil prices. The increase in earnings was driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortisation (DDA) charges, along with reduced finance costs.
Revenue for Q1 2025 stood at AED 334 million ($91mm), compared to AED 356 million ($97mm) in Q1 2024. The year-on-year decline was primarily due to lower production in Egypt coupled with lower realised hydrocarbon prices, however partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI).
Kurdistan Region of Iraq
Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008. Daily gas production at Khor Mor reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region’s power generation needs.
In April, production levels at the Khor Mor plant were reduced to carry out planned maintenance activities, ensuring the facility’s continued reliability and long-term operational performance. This reduction will be reflected in the Company’s Q2 results.
Construction of the KM250 expansion project is now progressing on an accelerated schedule, with first gas expected in Q1 2026. Once fully operational, KM250 is expected to add 250 MMscf/d of processing capacity, increasing Pearl Petroleum’s production by 50%, while significantly boosting Dana Gas’s financial performance and cash flow. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG.
Additionally, Pearl Petroleum has initiated first phase development activities at Chemchemal, one of Iraq’s largest world-class and undeveloped gas fields. A $160 million investment program is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMscfd is targeted for the second half of 2026.
Egypt
In Egypt, Dana Gas continues to implement its post-Consolidation Agreement investment program, committing to invest $100 million over the next two years to drill 11 new wells. The Company plans to drill 3 wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025. Despite lower production levels, Dana Gas benefited from improved realized gas pricing following the Consolidation Agreement, helping to support cash flow and future investment plans. The ongoing program aims to increase gas recovery by 80 billion cubic feet and help mitigate natural field declines. The additional gas will also generate significant cost savings of over $1 billion for Egypt’s economy by reducing reliance on imported LNG and fuel oil.
Richard Hall, CEO of Dana Gas, commented:
“We entered 2025 with strong momentum following a transformational year for the business, and in the first quarter we demonstrated our ability to adapt to current market trends. Despite softer oil prices, we have increased our profitability and maintained our operational and strategic progress. We achieved higher production in the KRI while reducing our operational and finance costs. We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1 2026.
Meanwhile, our drilling program is underway in Egypt, and the Board’s decision to resume sustainable dividend payments reflects the strength of our financial position and positive future outlook. We remain focused on execution and confident in the opportunities ahead to create lasting value for all our stakeholders.”
Operations & Production
Production in the KRI increased by 3% in Q1 2025 to 39,650 boepd, supported by continued strong demand from local power stations. The Khor Mor field continues to perform strongly, with cumulative output surpassing 500 million barrels of oil equivalent since production began at the field.
Group production averaged 52,200 boepd during the quarter, compared to 56,750 boepd in Q1 2024. In Egypt, production declined to 12,550 boepd, mainly due to natural field declines and the impact of a planned maintenance shutdown. However, drilling activities under the Consolidated Concession Agreement are underway and expected to support future production levels.
Liquidity
As of 31 March 2025, Dana Gas’s consolidated cash balance stood at AED 1.4 billion ($373mm), including AED 784 million ($214mm) held at the Pearl Petroleum level. The Company’s total debt remained stable at AED 1,045 million ($285mm).
In April 2025, shareholders approved a cash dividend of AED 385 million ($105mm) for FY 2024, reflecting confidence in Dana Gas’s financial strength and cash flow visibility.
Total collections for the quarter reached AED 257 million ($70mm), compared to AED 279 million ($76mm) in Q1 2024 reflecting a 100% collection rate in the KRI and 92% in Egypt.
The Company’s receivables in the KRI stood at AED 246 million ($67mm) as of the end of Q1 2025, down from AED 334 million ($91mm) a year earlier. Receivables in Egypt stood at AED 290 million ($79mm), up from AED 209 million ($57mm) in Q1 2024.
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About Dana Gas
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations
IR@danagas.com
03 April 2025
Sharjah, UAE–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, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq’s largest non-associated gas field, has reached 500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008.
The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI’s electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region.
This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth.
Khor Mor field development
The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG.
The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project, which includes US$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months.
Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor’s additional significant hydrocarbon potential and plan the next phases of the field’s development.
Chemchemal investment decision
Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure.
Financing options under consideration
In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of 5 years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes.
Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, “We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.”
Richard Hall, CEO of Dana Gas, added, “The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company.”
Pearl Petroleum was founded in 2009 as a consortium with Dana Gas and Crescent Petroleum as joint operators with a 35% equity share each, and with OMV, MOL, and RWE subsequently joining the consortium with a 10% share each. In the ensuing years, the project has delivered uninterrupted, affordable energy at scale to the KRI, making a considerable impact on the region’s economy, society, and environment.
With over 80% local employment in operations, including in management positions, Pearl has has enabled fuel cost savings for the government and made a considerable positive contribution to the local economy. The natural gas produced in Khor Mor has also avoided 59 million tonnes of CO2 emissions to date by substituting oil and diesel with cleaner burning natural gas for power generation.
Pearl Petroleum remains committed to maintaining carbon neutrality having reduced total GHG emissions by over 20% in 2024 to 200 kTCO2e, while reducing overall energy consumption by 5%, bringing its total carbon intensity to 4.4kg CO2/Boe. This is among the lowest in the industry, supplemented by offsets of the remaining emissions to achieve carbon neutrality across operations.
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About Crescent Petroleum:
Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 50 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq.
Headquartered in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private-sector natural gas company.
www.crescentpetroleum.com
Contact:
Hassan M. Fattah
+971-06-507-0226
communications@crescent.ae
About Dana Gas:
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE.
With sizeable assets in Egypt, KRI and the UAE, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa, and South Asia (MENASA) region.
www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen, Head of Investor Relations
Investor.relations@danagas.com
About Pearl Petroleum:
Pearl Petroleum was founded in 2009 as a consortium with Dana Gas and Crescent Petroleum as joint operator with 35% equity share each, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each. In the ensuing years, the project has delivered uninterrupted, affordable energy at scale to the KRI, making a considerable impact on the region’s economy, society, and environment.
Capital investment in the project’s infrastructure and day-to-day operations has today reached $3.5 billion, sustaining significant economic activity in the KRI and the rest of Iraq. The project’s most significant economic contribution, by far, is the gas provided to fuel the KRI’s electricity grid. Pearl’s production fuels circa 75% of the KRI’s electrical power generation. The uninterrupted gas supply has also enabled the region to supply electricity to Nineveh Governorate and other parts of Iraq.
The Pearl Petroleum consortium has created more than 20,000 jobs directly and indirectly.
Full time staff are over 1,000 people, with 80% local staff in operations including in management. The consortium has an extensive corporate social performance program to support local communities with local education, health and power supply and other humanitarian aid for displaced persons and orphans. These initiatives are assisting the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital.
Sharjah, UAE; 25 February 2025: The Board of Directors of Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced it has recommended a dividend payment 5.5 fils per share for the full year 2024. The dividend payment of 385 million ($105mm) reflects the Company’s strong financial position and aligns with the Company’s objective of maintaining a sustainable dividend policy.
The recommendation comes as Dana Gas successfully strengthened its balance sheet, following higher collections, improved cash flow, and proactive financial management in 2024. The Company’s total collections rose to AED 1.2 billion ($326mm), a 37% increase from 2023, supported by the direct payment mechanism in the Kurdistan Region of Iraq (KRI) and improved receivables management in Egypt.
Hamid Jafar, Chairman of the Board of Directors, said: “The Board’s dividend recommendation reflects Dana Gas’s strong financial performance and confidence in its long-term outlook. Strengthening our balance sheet and enhancing cash flow have been key priorities in 2024, and the significant progress in this area enables us to resume sustainable dividend payments while continuing to invest in future growth projects that will support growing dividends in the future. With the KM250 expansion project on track and the successful signing of the Egypt Consolidation Agreement, Dana Gas is well-positioned to capitalise on future opportunities and create long-term value for shareholders while maintaining financial discipline”
Dana Gas delivered solid financial and operational performance in 2024, reporting a 5% increase in revenue to AED 1.63 billion ($445mm) and a net profit of AED 553 million ($151mm). The Company also continued advancing the KM250 expansion project, which remains on track for first gas in Q2 2026, and formally signed its new Consolidated Concession Agreement in Egypt, supporting long-term growth and investment in the country.
The Company’s strengthened financial position was supported by AED 488 million ($133mm) in dividends received from Pearl Petroleum and a reduction in corporate debt by over $78 million in 2024, bringing it down to $28 million.
The Board’s recommendation will be subject to shareholder approval at the upcoming Annual General Meeting (AGM) on 16 April 2025.
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About Dana Gas
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations and Corporate Communications
Highlights – FY 2024
Sharjah, UAE; 7 February 2025: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its un-audited preliminary financial results for the full year ended 31 December 2024.
The Company reported revenue growth of 5% in 2024, reaching AED 1.63 billion ($445mm), up from AED 1.55 billion ($423mm) in 2023, driven primarily by the recognition of additional revenue from improved fiscal terms under the recently signed Consolidated Concession Agreement in Egypt.
Net profit stood at AED 553 million ($151mm), compared to AED 586 million ($160mm) in 2023, after a one-off impairment charge of AED 121 million ($33 million) in Egypt related to past costs of old concessions. Excluding this one-off impairment, net profit for the year was AED 674 million ($184mm), a 15% increase from AED 586 million ($160mm) in 2023.
In Q4 2024, revenue increased by 64% to AED 583 million ($159mm), up from AED 356 million ($97mm) in the same period last year, primarily due to the recognition of additional revenue under the newly signed Consolidated Concession Agreement in Egypt. Q4 net profit increased by 15% to AED 143 million ($39mm), compared to AED 125 million ($34mm) in Q4 2023, as a result of the additional revenue and lower financing costs.
KM250 Update
In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed fully in December and the project is now scheduled to achieve first gas by Q2 2026. Once operational, KM250 will add processing capacity for an additional 250 MMscf/d of gas, significantly boosting Company’s cashflows and financial performance.
Khor Mor facilities currently supply more than 500 mmscf/d of gas to four power stations and enables the generation of approximately 2,800 MW of electricity which constitutes more than 75% of the KRI’s power generation. This supply of steady and affordable gas, results in significant fuel cost savings and affordable electricity for millions of Iraqis in the KRI and neighboring governorates, benefiting the whole of Iraq. Once completed, additional gas supplied by the KM 250 project to the region’s power stations will play a vital role towards further supporting the economic development across the KRI and Iraq.
Egypt Consolidation
At the end of 2024, Dana Gas formally signed the new Consolidation Agreement (“the Agreement”) with the Ministry of Petroleum & Mineral Resources and the Egyptian Natural Gas Holding Company (EGAS). The Agreement replaces the Company’s existing concessions with a single concession encompassing an additional 297 sq. km of exploration acreage and improved fiscal terms, enabling greater operational efficiency and unlocking further investment opportunities.
Under the Agreement, Dana Gas has committed to a $100 million development and exploration program, including the drilling of 11 wells. This program will help to mitigate the natural field declines by adding additional production which is expected to increase gas recovery by 80 billion cubic feet. Additionally, the increased gas supply is projected to generate cost savings of over $1 billion for Egypt’s economy, reducing reliance on imported LNG and mazut for power generation.
The Company also received c. $20 million from the Egyptian Government in December 2024. As previously stated, these funds will be reinvested into the Company’s operations in Egypt, enabling Dana Gas to proceed with the first phase of the consolidation development program and deliver on its commitments under the Agreement.
Richard Hall, CEO of Dana Gas, commented:
“I am pleased with the progress we made in 2024. After some delays with KM250, Pearl took over direct management of the project from the incumbent EPC Contractor and I am confident, with increased Dana Gas involvement, that it is now back on track to deliver first gas by Q2 2026. Once completed, the project will strengthen our operations and significantly enhance our cash flow. Additionally, thanks to the previously established payment mechanism in the KRI, we received regular payments throughout the year, reducing our outstanding receivables and strengthening our balance sheet.
“In Egypt, the successful signing of our new Concession Agreement has led to commencement of the planned investment program, and we’re excited about the potential upside possibilities under the new Agreement.
“We hope to build on these achievements in 2025. Looking ahead, we are optimistic about the future and are actively evaluating the resumption of sustainable dividend payments to our shareholders. We will also continue to focus on operational excellence, innovation, and strengthening partnerships in the KRI and Egypt to drive long-term growth.”
Operations & Production
Average group production declined in 2024 to 54,850 boepd, a 7% reduction from 58,700 boepd in 2023. This was due to a 25% reduction in Egypt to 16,450 boepd, due to natural field declines. This was offset by a 4% increase in production output in the KRI to 38,400 boepd versus 36,900 boepd in 2023.
Liquidity
As of 31 December 2024, the Company’s consolidated cash balance stood at AED 1.16 billion ($317mm), including AED 861 million ($235mm) held at the Pearl Petroleum level. The Company’s total consolidated debt stands at c. AED 934 million ($255mm). This includes AED 103 million ($28mm) at the corporate level, which is down from AED 396 million ($108mm) in 2023.
The Company strengthened its financial position in 2024 through proactive management of collections and cash flow. Total collections for the year increased to AED 1.2 billion ($326mm), compared to AED 872 million ($238mm) in 2023. Throughout the year Dana Gas received dividend payments of AED 488 million ($133mm) from Pearl Petroleum.
In the KRI, collections totalled AED 957 million ($261mm), reflecting the successful implementation of the payment mechanism agreed in late 2023. In Egypt, collections were AED 238 million ($65mm), with a $20 million payment received in December.
The Company’s receivables in the KRI (Dana Gas share) stood at AED 246 million ($67m) and at AED 286 million ($78mm) in Egypt by the end of 2024.
Levidian Investment
The Company also made strides in 2024 to drive innovation in its operations. In September, Dana Gas partnered with UK-based climate tech company Levidian to pilot its LOOP technology, which converts methane into high-quality graphene and hydrogen. With targeted deployment in 2025, the pilot unit will explore the potential for Levidian’s LOOP technology to reduce greenhouse gas emissions, support the Company’s goal of near-zero methane emissions by 2030, and create new revenue streams through the annual production of tonnes of graphene.
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About Dana Gas
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations
IR@danagas.com
Sharjah, UAE; 22 January 2025: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, reveals a strategic investment in a pioneering decarbonization project in partnership with Levidian, a British climate tech business. The project aligns with Dana Gas’s commitment to investing in next-generation innovation and supporting sustainable energy solutions, while unlocking new revenue streams for the Company.
Since signing an agreement in September 2024, the Company has been preparing to deploy Levidian’s patented LOOP technology across its field operations. The unit will use advanced microwave plasma technology to capture the carbon from methane that would otherwise be flared to produce up to 1.5 tonnes of high-quality graphene and hydrogen per year and could play a critical role in Dana Gas’ commitment to achieve near-zero methane emissions from operated oil and gas assets by 2030.
The project will allow Dana Gas to demonstrate the technology’s capabilities and explore broader commercial applications for the graphene – a high-value versatile material that is set to shape the future of multiple industrial applications – from batteries and tyres to concrete and polymer pipes – which has drawn strong interest from the industry and investors. By adopting this innovative technology, Dana Gas aims to secure first-mover advantage and unlock new commercial opportunities, including sourcing customers for graphene offtake in partnership with Levidian.
The installation of the pilot unit will allow Dana Gas to test and refine the capability for graphene production at its facilities, with the potential to install industrial scale units that will each be capable of producing over 15 tonnes of graphene per annum if there is sufficient demand in the market.
Richard Hall, CEO of Dana Gas, said:
“We are excited to be at the forefront of adopting breakthrough technologies like Levidian’s LOOP. This project represents an important step for Dana Gas as we continue to explore the adoption of technologies that support a lower-carbon future. By converting methane into valuable products like graphene and hydrogen, we are reducing our emissions, unlocking new value from natural gas, and driving sustainable growth. This initiative underscores our commitment to playing a part in shaping a lower-carbon future, while delivering tangible benefits for our operations and the communities we serve.”
In 2023, Dana Gas became a signatory to the Aiming for Zero Methane initiative, reinforcing the Company’s commitment to eliminate flaring, reducing methane emissions and contributing to the global push for a lower-carbon future. This pilot project further underscores Dana Gas’s efforts to implement all reasonable measures to minimize GHG emissions, contributing to cleaner operations for the local communities in which it operates.
John Hartley, CEO of Levidian, said:
“We’re delighted to be working with Dana Gas on this important project, which will demonstrate the significant potential of our LOOP technology to help carbon intensive sectors to drive down emissions while unlocking a future of lower-carbon products that perform better in every way.”
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About Dana Gas
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 55,000 boepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations and Corporate Communications