Press releases - Dana Gas

www.crescentpetroleum.com

About Crescent Petroleum:

Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with 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 Sharjah in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private-sector natural gas company.

Communications Contact

communications@crescent.ae

Gross Profit increased by 133% to $91 million (AED 333mm)

H1 2021 Highlights

Revenue increased by 19% to $216 million (AED 792mm)
Average group production of 64,000 boepd, driven by 8% increase in KRI output
KRI and Egypt collections reached $185 million (AED 678mm), a five-year high.
Operational cash flow increased by 97% to $146 million (AED 536 mm)
Operations continue uninterrupted despite the ongoing Covid-19 pandemic with stringent health and safety protocols in place across all assets
Dana Gas prevails in arbitration against IPR Wastani regarding the decision not to sell its onshore asset in Egypt.

Sharjah, UAE; 11 August 2021, Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the half year ended 30 June 2021.

The Company has delivered one of its strongest half-yearly results with H1 2021 net profit of $139 million (AED 511mm) compared to a loss of $19 million (AED 69mm) in H1 2020. Excluding the reversal of impairment related to Egypt assets, the Company posted an adjusted net profit of $61 million (AED 225mm) versus an adjusted net profit of $18 million (AED 66mm) in H1 2020, an increase of 239% reflecting higher oil prices and improved operational performance.

Revenue for the first six months of 2021 was up by 19% and stood at $216 million (AED 792mm) as compared to $181 million (AED 664mm) in H1 2020. The increase was due to higher realized prices during the period.

As a result of the increase in net profit, the Company’s retained earnings turned from accumulated losses of $20 million to positive $142 million, which will underpin the Company’s ability to pay dividends in the future.

On 23 April 2021 the Company terminated its agreement for the sale of its Egyptian assets and will therefore continue to own and operate them in order to maximise returns for its shareholders. This will involve carefully monitoring expenditure and ensuring drilling and workover activities are value generative. Dana Gas Egypt’s operational cash flow increased in 1H 2021 by 175% to $80 million reflecting the increase in oil price and higher collections during the period. This reinforces the correctness of the Board decision not to sell the assets.

IPR Wastani Petroleum Limited (IPR) initiated an arbitration disputing DGE’s right to terminate the Sale and Purchase Agreement. On 17 July 2021 the Tribunal dismissed IPR’s claim in its entirety, and ruled that Dana Gas’ termination of the SPA was valid.

During the period, the Company also sold its interest in EBGDCO, a natural gas liquids extraction plant in Egypt, for $11.4 million (AED 42 million). The Company owned a 26.4% interest in EBGDCO through Danagaz Bahrain alongside its other partners.

Dr Patrick Allman-Ward, CEO of Dana Gas, commented:

“The Company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices. Our revenues grew by 19% in the first six months which, coupled with our low-cost structure, has helped the Company increase gross profits by 133% and generate a net profit of $139mm. Our collections in both Egypt and the KRI have significantly improved, adding to our liquidity and overall financial strength.

“Our operations remain unaffected by the pandemic, thanks to the stringent safety protocols that we have put in place across all our assets to ensure that production continues uninterrupted. We have even managed to increase production slightly to 64,000 boepd.

“We are pleased with the progress we have made in the KRI and are steadily moving ahead with our expansion plan according to schedule. In Egypt, we are going to continue to operate our onshore producing assets in a way to maximize value for the benefit of all our stakeholders and to prepare to drill our material offshore exploration well as soon as practicably possible .”

Operations & Production

The Company’s average production in H1 2021 was 64,000 boepd, slightly higher than 63,250 in H1 2020, driven by increased production in the KRI which helped to offset a decline in Egypt. Production in KRI increased by 8% to 34,300 boepd, while Egypt’s output declined by 6% to 29,150 boepd as a result of natural field depletion.

Liquidity and Collections

Dana Gas’s H1 2021 collections from the KRI and Egypt increased 106% year-on-year to $185 million (AED 678mm), the highest level in more than five years. The Company saw its share of receipts by Pearl Petroleum in the KRI jump 85% to $87 million (AED 319mm) in the first half of 2021 as compared to $47 million (AED 172mm) in the corresponding period las year. In Egypt, Dana Gas collected $98 million (AED 359mm) during H1 2021, compared to $43 million (AED 158mm) received in the same period of 2020, representing a 128% increase. The Company’s cash position was $125 million (AED 459mm) as of 30 June 2021, slightly higher than the $108 million (AED 396mm) at the end of 2020. The cash balance includes USD 61 million (Dana Gas 35% share) held by Pearl Petroleum.

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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 63,200 boepd in 2020. 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. Visit: www.danagas.com

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

Company’s Termination of Sale of Dana Gas Egypt ruled valid

Sharjah, UAE; 25 July 2021: Dana Gas PJSC (“Company”), the Middle East’s largest regional private sector natural gas company has received an award in its favour dated 19 July 2021 from the London Court of Arbitration (“LCIA”). The arbitration was initiated on 28 April 2021by IPR Wastani Petroleum Ltd., (“IPR Wastani”) a member of the IPR Energy Group, in relation to the Sale and Purchase Agreement (SPA) for the sale of oil and gas assets in Egypt. The Tribunal rejected IPR Wastani’s claim in its entirety. The Tribunal ruled in Dana Gas’ favour on all key points, concluding that Dana Gas’ termination of the SPA was valid.

Dana Gas terminated its agreement for the sale of its Egyptian assets to IPR Wastani on 22 April 2021 as the parties were unable to complete a number of conditions precedent to the transaction by the long-stop date of 14 April 2021. Dana Gas’s Board of Directors therefore decided to terminate the SPA and retain and operate the assets in Egypt. IPR Wastani disputed Dana Gas’ right to terminate the SPA and submitted a request for arbitration. The Award now means the assets will continue to be operated by Dana Gas for the benefit of its shareholders and the people of Egypt.

The Company has an outstanding track-record of operating in Egypt over the past 14 years which resulted in Dana Gas becoming the 5th largest gas producer in the country. It is currently producing around 30,000 boepd from 14 development leases. The Company looks forward to maximizing the value of its onshore producing assets whilst also focussing its attention on testing the enormous potential of its offshore Block 6 Concession Area. This is estimated to contain more than 20 Tcf gas resources which it plans to test by drilling an exploration well currently scheduled for Q1 2022 depending upon the availability of long lead items.

Dana Gas Egypt collected $23 million in the first quarter of 2021. This increased to $ 75 million in the second quarter following the termination of the SPA. In total, Dana Gas Egypt has collected $98 million during H1 2021, compared to $43 million received in the same period of 2020, representing a 128% increase. As a result, the $131 million receivables at the end of Q1 will drop significantly. Dana Gas Egypt will contribute positively to the Company’s profitability and cash flow in Quarter 2 2021 and in the coming years. A portion of impairments, which the Company recognised in 2020, will also be reversed in Quarter 2 2021 as a result of retaining these assets.

Dr Patrick Allman-Ward, CEO of Dana Gas, said:

“We are very pleased with the outcome of this arbitration and with the speed with which this final decision was made. The award confirms that Dana Gas was correct and within its contractual rights to terminate the sale’s process. The Board has made a decision to continue to hold and operate the assets in the best interests of the Company and its shareholders as well as for our broader stakeholders. We are committed to continuing to operate our onshore assets to the highest operational and safety standards. We are also excited about the potential of our offshore Block 6 Concession Area and we are working hard to be able to drill an exploration well in the block as soon as practicably possible.”

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About Dana Gas

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

Collections reach $185 million (AED 678mm) in first six months of 2021
Company records highest level of H1 collections amid higher hydrocarbon prices

Sharjah, UAE; 15 July 2021, Dana Gas PJSC (“Company”), the Middle East’s largest regional private sector natural gas company announces that its H1 2021 collections from the Kurdistan Region of Iraq (KRI), and Egypt, have increased 106% year-on-year to $185 million (AED 678m), the highest level in more than five years.

Dana Gas, which owns a 35% stake in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 85% to $87 million in the first half 2021 as compared to $47 million in the same period the previous year. The Company received cash dividends of $48.3 million from Pearl Petroleum over this period. For the same period, the Dana Gas share of Pearl Revenue was $87 million, EBITDA $74 million, Net Income $57.4 million, Cash Balances $61 million and Gross Debt $93 million. The Company share of total KM 250 expansion CAPEX is $220 million, which will be funded at the Pearl level. Dana Gas share of Pearl Petroleum production for the first half 2021 averaged 150 MMscf/d of gas, 5,250 bbls/d condensate and 350 MT/d of LPG.

In Egypt, Dana Gas collected $98 million during H1 2021, compared to $43 million received in the same period of 2020, representing a 128% increase.

Dr Patrick Allman-Ward, CEO of Dana Gas, said:

“This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices. The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments. This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2 2023. In Egypt, we continue to work diligently to maintain production and to prepare for drilling our exciting exploration well in our offshore Block 6 Concession Area which holds material potential of over 20 Tcf of gas resources.”

—Ends—

About Dana Gas

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

Highlights

Revenues up at $106mm (AED 389mm) based on a 9% increase in KRI production
Group production reaches 64,900 boepd
Full resumption of the expansion project at the Khor Mor field in KRI; investment by Pearl of $600 million to boost local gas production by almost 60% within 2 years
Cash of $149 million (AED 546 mm)
Cash dividend of $105 million (5.5%) approved by shareholders to be paid out by the 28^th of May

Sharjah, UAE; 9 May 2021: Dana Gas PJSC (“Company”), the Middle East’s largest private sector natural gas company, today announced its financial results for the first quarter ended 31 March 2021.

Net Profit was up 41% in Q1 2021 reaching $24 million (AED 88mm) as compared to $17 million (AED62 mm) in Q1 2020. The increase in Net Profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), and a reduction in finance cost due to lower borrowings in Q1 2021 as compared to Q1 2020.

Revenue was $106 million (AED 389mm), 2% higher compared to $104 million (AED 382mm) in Q1 2020. The improved performance was mainly due to a 9% production increase in the KRI. Realised price averaged $44/bbl for condensate and $33/boe for LPG compared to $41/bbl and $30/boe respectively in Q1 2020.

Dr Patrick Allman-Ward, CEO of Dana Gas, commented:

“Dana Gas has delivered a strong quarter with robust operational performance, continuing the positive momentum from the previous period. In the KRI we are moving ahead with our expansion plans to significantly boost production from 440 MMscf/d to 690 MMscf/d by April 2023. This will contribute positively to our top and bottom line. We remain fully committed to managing our producing assets in Egypt for the benefit of all our stakeholders and focusing on evaluating the exciting potential of our offshore Block 6 Concession Area as quickly as possible.

“We maintained our strong financial position, with increased production from the KRI and lower financing costs following the repayment of the Company’s outstanding Sukuk in Q4 2020. I am pleased that we maintained the dividend to Shareholders, for the fourth consecutive year, despite adverse economic conditions.”

Production & Operations

Group production in Q1 2021 averaged 64,900 boepd, a 2% increase as compared to 63,650 boepd in Q1 2020. The first quarter production increase was driven by the KRI, which grew by 9% to 35,300 boepd from 32,400 boepd, building on the significant production increase in Q4 2020 after the Khor Mor plant by-pass project was completed in July 2020. Production in Egypt declined by 5% to 29,050 boepd, which was more than offset by the increase in production in KRI.

In the KRI, Pearl Petroleum, the company consortium operated by Dana Gas and Crescent Petroleum, fully resumed the expansion project at the Khor Mor field. The first gas train will 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. The KM250 expansion project involves a further investment by Pearl of $600 million to boost output by almost 60%.

Last month, Dana Gas announced its decision to retain and operate its onshore assets in Egypt alongside the highly prospective Block 6. The Company is currently evaluating its Block 6 Concession Area for drilling an exploration well as soon as possible

Liquidity and Collections

Cash and bank balance at end of Q1 stood at $149 million (AED 546mm), an increase of 38% compared to $108 million (AED 396mm) at the end of 2020.

In the KRI, the Company collected $35 million (AED 128mm) during the quarter with all invoices due from the KRG being settled in full and in a timely manner. At the current oil prices the balance of KRI overdue receivables is expected to be settled by the third quarter of this year. In Egypt, the Company has collected $23 million (AED 84mm) during quarter one and its receivables at quarter end stood at $131 million (AED 480 mm).

At the General Assembly of the Company held on 28 April 2021, the Shareholders approved a cash dividend for the fourth consecutive year. This 5.5 fils per share dividend will be distributed in May.

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About Dana Gas

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

Shareholders of Dana Gas PJSC (the “Company’), the Middle East’s largest regional private sector natural gas company, at the Annual General Meeting held yesterday, have approved the Board of Director’s recommendation to distribute a AED 5.5 fils per cash dividend for the financial year ended 31 December 2020.

Hamid Jafar, Chairman of Dana Gas, said:

“Dana Gas’ 2020 performance demonstrates the Company’s financial and operational resilience in the face of the challenging macro-economic environment and the unprecedented volatility in crude oil prices. As a result of the Company’s solid performance and the promising outlook as oil prices and markets recover, I am pleased the shareholders have approved the distribution of a dividend of AED 5.5 fils per share for the 2020 financial year at today’s AGM. The rebound in oil prices in the first quarter of the year will further support our robust financial position in 2021 as we continue to improve our operational capabilities.

The AGM concluded with the election of a new 11-member Board of Directors for the coming 3-year term. The new Board includes three new directors, namely; H.E. Younis Al Khoori, Undersecretary at the Ministry of Finance, Ms Najla Al Midfa, Chief Executive Officer of the Sharjah Entrepreneurship Center (Sheraa) and Mr Ajit Joshi, Managing Director, Head of Public & Private Markets, at Shuaa.

Mr Jafar added:

“I would also like to thank Messrs. Said Arrata, Abdullah Ali Almajdouie and Nureddin Sehweil for their service and valuable contributions during their long tenure and wish to welcome our newly elected Board members.”

—ENDS—

About Dana Gas

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

US$600m investment to increase production 57% within 2 years
Production to grow from 440MMSCFD to 690MMSCFD by April 2023
Force Majeure lifted with KRG and US Contractor Exterran after COVID Delay

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, 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 US$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.

Under a Gas Sales agreement signed in March 2019 with the KRG Ministry of Natural Resources, Pearl Petroleum will sell the additional quantities of gas to supply the power stations with affordable and environmentally cleaner fuel, and further enhance electricity supplies. Today over 80% of the KRI’s electricity generation is enabled by the gas produced by the companies.
Current production at the Khor Mor field is 440 million cubic feet per day of natural gas as well as 15,700 barrels per day of condensate and 1,020 tonnes of liquified petroleum gas (LPG), or a total of 110,400 barrels of oil equivalent (boe) per day, making it the largest overall producer in the KRI and the largest private sector upstream gas operation in Iraq. After the KM250 train, there are plans to add a further KM500 train which would take production to almost 1 billion cubic feet per day by 2024.

Total investment to date exceeds US$2 billion with total cumulative production of over 332 million barrels of oil equivalent (boe), which has resulted in significant fuel cost savings and economic benefits for the Kurdistan Region and Iraq as a whole. In addition 43 million tonnes of CO2 emissions have been eliminated by displacing liquid fuels, which in turn has made a positive contribution to tackling global climate change as well as reducing local air pollution. Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented: “After a year of delay due to the COVID pandemic, we are pleased to fully resume the KM250 expansion project to invest US$600 million and grow the gas production almost 60% within 2 years from now, supporting the local electricity provision even further. Despite the challenges the whole world has faced over the past year we have kept our operations safe and managed to grow production and we are grateful to all our staff and to the KRG for its support.”

Dr. Patrick Allman-Ward, CEO of Dana Gas, added: “With our partners in Pearl Petroleum we are proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development. The continuing receipt of payments in a timely manner gives confidence for our continued investment commitment as we enter the next exciting phase of growth with the Khor Mor expansion, which will be carried out under strict health protocols to ensure the safety of our staff and service providers.”

The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the KRG for exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the KRI. Production from the newly built plant in Khor Mor began 15 months later, in October 2008, an industry record. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each.
Operation full-time staff numbers are over 500 with now over 85% local staff, including in senior management positions. And the companies have also implemented a corporate social responsibility program to support local communities with supplies to deal with the COVID pandemic such as ventilators, sanitizers and protection equipment. This is in addition to support 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.

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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. 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
+971 6 519 4401
Investor.relations@danagas.com

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 Sharjah in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt and Bahrain. 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

Communications Contact
Mohamed Al Barazangi
SAHARA Public Relations
+971557163727

Sharjah, UAE; 25 April 2021: Dana Gas PJSC (the “Company”), the Middle East’s largest private sector natural gas company, today announced the termination of its agreement for the sale of its Egyptian assets, announced on 25th October 2020.

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. The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6.

As per ADX disclosure requirements, the Company is required to disclose the financial impact of this termination. While the Company is still assessing these in detail, it is expected that there will be positive consequences on the Company’s profitability and balance sheet and improvement in its cash flow in the coming years. These beneficial consequences result from the changed circumstances in the global economy and energy markets.

Dr. Patrick Allman-Ward, CEO, Dana Gas, commented:

“Dana Gas has worked diligently to finalise this transaction. However, satisfaction of the conditions precedent in the SPA proved problematic between the parties. Once the due date for satisfaction of those conditions expired, and after due consideration, the Company resolved to exercise the right to terminate the SPA in accordance with its terms.

“We have an excellent track record of operating in Egypt over the past 14 years. We remain fully committed to managing these assets for the benefit of all our stakeholders, including the Egyptian Government. We look forward to maximizing the value of both our onshore producing assets and focussing our attention on testing the enormous potential of our offshore Block 6 Concession Area where we are planning to drill an exploration well Q1 2023.”

—Ends—

About Dana Gas

Communication & Investor Relations Contact

Mohammed Mubaideen

Head of Investor Relations

+971 6 519 4401

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KRI production increased 9% in Q1
Invoices continue to be settled in full and in a timely manner

Sharjah, UAE; 20 April 2021: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, announces that year-to-date Pearl Petroleum Company Limited (‘Pearl Petroleum’) has received $151 million (AED 553 mm) 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 194mm). 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. At the current oil prices the balance of KRI overdue receivable is expected to be settled during the third quarter of this year.

A significant production increase in the KRI occurred in the fourth quarter of 2020 after the Khor Mor by-pass debottlenecking project was completed in July. The Company has continued to deliver solid operational performance in the first three months of 2021. Gross gas production in the KRI increased by 12% to an average of 439 MMscf/d in the first quarter compared to 391 MMscf/d in the same period last year. This helped contribute to a 9% increase in total Group production to 35,300 boepd in the first quarter of 2021 versus 32,400 boepd in the first three months of 2020.

Dr Patrick Allman-Ward, CEO, Dana Gas, said:
“We are very pleased with the robust performance from our assets in the KRI in the first three months of the year, which at current oil prices will have a very positive impact on our profitability. Given the Kurdistan Regional Government’s continued commitment to pay down past receivables, we expect to receive the balance of overdue receivables from the KRI mid-year or shortly thereafter. Our achievements in increasing our production from the KRI over the past year and the sustained collections record gives us confidence in the continuing investments we are making in our future growth plans.”

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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 63,200 boepd in 2020. 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. Visit: www.danagas.com

Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations
+971 6 519 4401
Investor.relations@danagas.com