Sharjah, UAE; 27 September 2023: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, announces the appointment of Mr. Richard Hall as Group CEO. He will join Dana Gas on 6 November 2023. Richard’s appointment follows an extensive executive search process after the announcement of the retirement of Patrick Allman-Ward, the current CEO, who will remain an advisor to the Board.
Richard possesses extensive international experience in the oil and gas sector, boasting a proven track record of leadership and accountability. His expertise lies in cultivating organizational and strategic capabilities, spearheading sustainable energy initiatives, and effectively overseeing daily business operations in various managerial, executive and board roles.
Richard joins from EnQuest, where he has spent the last three years as Chief Operating Officer, and as Managing Director in Malaysia. As Chief Operating Officer he has been responsible for creating and maximizing value in the company’s global production and development assets and instrumental in leading the company’s transition into the next phase of new energy.
Previously, Richard held senior roles in the petroleum service sector across various geographies including the Middle East. He was also co-founder and CEO of Malaysia-focused Nio Petroleum; was formerly one of four founders and operations director of the service company UWG Ltd (now known as Acteon); and completed a stint in Dubai as Chairman and CEO of a private equity backed service company operating in the Kurdistan Region of Iraq and across the Middle East and Asia before joining EnQuest.
Mr. Hamid Jafar, Chairman of the Board of Dana Gas, said:
“On behalf of the entire Board and the management team, I extend a warm welcome to Richard Hall as the new CEO of Dana Gas. We are very pleased to have him on board and are confident that his broad and extensive international experience will prove to be an asset for our organization and are confident that he has the qualifications and skill sets that are needed to drive Dana Gas forward and implement its next phase of development and growth.
“I also want to extend my gratitude to Dr. Patrick Allman-Ward, the outgoing CEO, for his dedication, leadership, and contributions to Dana Gas. Under his guidance, the Company has achieved significant milestones and maintained its position as a leading player in the regional energy sector.”
Commenting on his appointment, Richard Hall added:
“I am honoured to join Dana Gas as CEO and lead its exceptional team. Our industry is undergoing significant growth and evolution, and I look forward to working collaboratively with our talented professionals under the auspices of the Company’s Board to drive innovation, sustainability, and value creation for our stakeholders. Together, we will continue to play a pivotal role in shaping the future of the energy sector.”
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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 60,200boepd in 2022. 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
IR@danagas.com
Highlights – H1 2023
- KRI production increased by 6% to 36,400 boepd
- Revenues at AED 814 million ($222 million), amid a softening of hydrocarbon prices
- KM250 expansion project scheduled to be completed by Q2 2024
- Pearl Petroleum recently received $101 million payments from the KRG
Sharjah, UAE; 9 August 2023: 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 2023.
In the first six months of the year, the Company generated a net profit of AED 304 million ($83mm) as compared to AED 407 million ($111mm) in H1 2022. Profitability for the first half declined amid a 25% drop in the average price of Brent during H1 2023 to $80 per barrel compared to $107 per barrel in H1 2022. The decline in profitability was also due to additional discounts on condensate sales in the KRI, where the Company began to sell to third party local buyers as other companies shut down production in the Kurdistan region of Iraq (KRI).
Revenue for the first six months of the year decreased 22% to AED 814 million ($222mm) compared to AED 1,041 million ($284mm) in H1 2022 due to lower realized prices amid the softening global oil and gas prices. The Company’s realized prices during the period averaged $56/bbl for condensate and $37/boe for LPG compared to $87/bbl and $44/boe respectively in H1 2022.
The impact of lower realized prices on the Company’s profitability was partially offset by a production increase in the KRI and reduced operating costs by 15%.
Pearl Petroleum recently received $101 million from the Kurdistan Regional Government (KRG) despite the ongoing challenges within Iraq and is in ongoing discussions with the KRG to settle outstanding receivables as soon as possible. Unlike other operators in the KRI Pearl’s operations and production have continued without interruption since all its products are consumed locally.
Dr Patrick Allman-Ward, CEO of Dana Gas, commented:
“Dana Gas’s first half results reflect the challenging environment hydrocarbon producers have been facing amid a decline in global oil prices. To counter the downturn in energy prices, the Company has strengthened its focus on maintaining production and lowering costs, while working with partner governments in Egypt and the KRI to settle outstanding payments.
As oil prices have turned a corner and started to rise, we are optimistic about the potential positive impact on our Company’s financial results for the remainder of the year, provided that this upward trend persists.”
Operations & Production
The Group’s overall production in H1 2023 averaged 59,800 boepd, a 2% decrease as compared to 61,100 boepd in H1 2022 as a decline in Egypt production outweighed an increase in the KRI. The 12% production drop in Egypt was mainly the result of natural field declines. Owing to active reservoir management and optimization of production from existing wells, the reduction was significantly below expected levels of decline for Nile Delta fields, which are typically between 20-30% each year. KRI production grew by 6% to 36,400 boepd from 34,500 in H1 2022, KRI production was supported by the successful debottlenecking project that added 50 MMscf/d to output in January. In the second quarter, a partial shut down for maintenance in Kor Mor was successfully carried out without any HSSE incidents but impacted production during its duration.
Pearl Petroleum has now successfully completed the drilling of the six KM250 project development wells. Once complete, the KM250 expansion project will add 250 MMscf/d of production, resulting in 750 MMscf total daily production capacity.
Liquidity
The Company’s cash position at the end of H1 2023 stood at AED 370 million ($101mm), including AED 301 million ($82mm) held at the Pearl Petroleum joint venture.
The Group collected a total of AED 388 million ($106mm) during H1 2023, with the KRI and Egypt contributing AED 293 million ($80mm) and AED 95 million ($26 mm) respectively. In Q2 2023, Pearl management proactively began the sale of condensate to third party local buyers which has allowed Pearl to improve its liquidity position through regular collections on condensate sales.
The Company’s receivables in KRI stands at AED 356 million ($97 million) and in Egypt at AED 150 million ($41 million) at the end of the first half.
In May, Dana Gas also received regulatory approval to increase foreign ownership in the Company’s shares, in line with the UAE’s new Commercial Companies Law that has abolished a requirement that UAE nationals own 51% of onshore companies. Foreigners can now hold up to 100% of Dana Gas’s shares, up from 49%, a decision that was approved by the Company’s shareholders at its Annual General Meeting on April 26.
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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 exceeding 60,000 boepd. 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
Sharjah, UAE; 25 July 2023: Dana Gas PJSC (the “Company”), became the latest signatory to the Aiming for Zero Methane Emissions Initiative. The Middle East’s largest regional private sector natural gas company is now the 20th producer to commit to achieving near-zero methane emissions from operated oil and gas assets by 2030.
The Aiming for Zero Methane Emissions Initiative establishes an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. As well as commitments from signatories, more than 60 organizations have signed up as supporters of the initiative.
All the initiative’s signatories and supporters believe virtually all methane emissions from the industry can and should be avoided.
Bjørn Otto Sverdrup, chairman of OGCI’s Executive Committee, said: “I’m delighted that Dana Gas has added further support to the Aiming for Zero Methane Emissions Initiative. With exploration and production, as well as processing and transportation assets, the company can have a significant impact on methane emissions.
“We look forward to working with Dana Gas as we further develop this essential cross-industry initiative.”
As a signatory of Aiming for Zero, Dana Gas has committed to put in place all reasonable means to avoid methane venting and flaring and to repair detected leaks, while preserving the safety of people and the integrity of operations. The results of these efforts will be reported annually and transparently.
Patrick Allman-Ward, CEO of Dana Gas, added “We have made significant strides in addressing energy efficiency and Greenhouse Gas emissions in the past few years, including achieving a 47% reduction in flaring since 2019.”
“There has historically been a lack of reliable, accurate and quantified data on methane emissions across the portfolio, which has started to improve with greater focus on this area, such as leak detection & repair programmes and more robust measurement and monitoring of fugitive losses. We have reported methane emissions numbers for the first time in our latest 2022 Sustainability Report.”
“Working towards eliminating methane emissions from our operations is a top priority for the company and we look forward to collaborating with the Aiming for Zero Initiative to further improve and implement best-in-class approaches for our industry.”
OGCI is a CEO-led organization bringing together 12 of the world’s largest energy companies to lead the oil and gas industry’s response to climate change. The group aims to accelerate collective action towards a net-zero emissions future in line with the Paris Agreement.
Aiming for Zero complements a number of other multi-stakeholder initiatives to reduce methane emissions, including the Methane Guiding Principles, the Oil & Gas Methane Partnership 2.0 and the Global Methane Alliance.
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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 exceeding 60 kboepd. 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
+971 6 519 4499
Investor.relations@danagas.com
Link to Dana Gas 2022 sustainability report
https://www.danagas.com/sustainability/sustainability-report/
- Dana Gas adopts recent reforms to the UAE’s Commercial Law
- Move will encourage more foreign investments and improve liquidity
Sharjah, UAE; 29 May 2023: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, has received regulatory approval to increase foreign ownership in the Company’s shares, in line with the UAE’s new Commercial Companies Law that has abolished a requirement that UAE nationals own 51% of onshore companies.
Effective today, foreigners can hold up to 100% of Dana Gas’s shares, up from 49%, a decision that was approved by the Company’s shareholders at its Annual General Meeting on April 26.
Hamid Jafar, Chairman of Dana Gas, said:
“Opening our company fully to foreign ownership will support the UAE’s vision of strengthening its dynamic capital markets by attracting greater numbers of international investors and deepening market liquidity. Dana Gas’s growth outlook remain robust, both in the Kurdistan Region of Iraq where we are increasing production and in Egypt, where we are working to maximize the value from our assets by negotiating improved fiscal terms.”
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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 exceeding 60 kboepd. 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
+971 6 519 4401
Highlights – Q1 2023
- 4.5 fils approved dividend for H2 2022 to be paid to shareholders on 25th of May
- Revenues at AED 447 million ($122 million), amid a softening of hydrocarbon prices
- Q1’23 Net profit dropped just 7% despite a 22% drop in the Company’s realized selling hydrocarbon prices
- Khor Mor Gas Plant production capacity reaches record 500 million scf/d in January; with KRI production increasing 9% year-on-year to 38,700 boepd
- Expected delivery of first gas from the KM250 expansion set for April 2024
Sharjah, UAE; 10 May 2023: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the first quarter ended 31 March 2023.
For the first quarter of 2023, the Company generated a net profit of AED 183 million ($50 million) as compared to AED 198 million ($54 million) in Q1 2022. Profitability for the quarter dropped just 7% compared to a 22% decrease in the Company’s realized prices during the period. The impact of lower realized prices on the Company’s profitability was partially offset by a production increase in the KRI and reduced operating costs by 14%.
Revenue was 13% lower at AED 447 million ($122 million) in Q1 2023 compared to AED 513 million ($140 million) in 2022. The decrease in revenue, and subsequently net profit, was primarily due to a pullback in energy prices from high levels.
The Company’s realized prices during the period averaged $59/bbl for condensate and $39/boe for LPG compared to $82/bbl and $43/boe respectively in Q1 2022.
Dana Gas’s shareholders in April approved the Board’s recommendation for a final dividend payment of 4.5 fils per share for H2 2022. The payout of 4.5 fils per share for the second half of 2022, to be distributed on the 25th of May, will take the total dividend payment for 2022 to AED 630 million or 9 fils per share, a 12.5% increase compared to the dividend for 2021.
Dr Patrick Allman-Ward, CEO of Dana Gas, commented:
“Dana Gas has delivered a strong set of financial and operating results despite the downturn in energy prices. We remain financially disciplined and focused on maintaining production and lowering costs, despite the challenging economic situation in the KRI and Egypt. Our target date for completion of the KM250 gas expansion project is April 2024, and we are hopeful our Egypt consolidation agreement will be finalized soon Looking ahead we are focusing our efforts on managing capital expenditure and preserving liquidity, as we continue to focus on recovering our outstanding receivable payments with both the KRG and Egyptian Government”.
Operations & Production
Group production in Q1 2023 averaged 62,900 boepd, a 1% increase as compared to 62,400 boepd in Q1 2022. KRI production grew by 9% to 38,700 boepd from 35,400 in Q1 2022, building on the production capacity increase in Q4 2022 after the Khor Mor plant de-bottlenecking enhancements were completed. Production in Egypt declined 10% to 24,200 boepd in Q1 2023 from 27,000 in Q1 due to natural field declines.
The Company has now completed the drilling of five KM250 project wells, and the testing of two wells has shown they are able to produce gas at similar daily rates as the current producing wells. The three other wells will be tested in the near term, as the Company pushes forward on delivering first gas from the project by Q2 2024.
Liquidity
The Company’s cash position as of March 31 stood at AED 542 million ($148 million), including AED 374 million ($102 million) held at the Pearl Petroleum joint venture.
To bolster its liquidity, the Company entered into a short-term loan facility of $65 million with a local UAE bank during the first quarter. The facility was fully drawn in April 2023.
The Group collected a total of AED 231 million ($63 million) during the first quarter, with Egypt and the KRI contributing AED 55 million ($15 million) and AED 176 million ($48 million) respectively.
The Company’s receivables in KRI stands at AED 293 million ($80 million) and in Egypt at AED 128 million ($35 million) at the end of the quarter.
—Ends—
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 60,200boepd in 2022. 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
Commnunication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations
+971 6 519 4499
- Total dividend payment of 9 fils per share (AED 630m) for 2022, 12.5% up YoY
- Shareholders holding the shares as of the 4th of May 2023 will be eligible to receive the interim dividend. Payment to shareholders expected on the 25th of May 2023
Sharjah, UAE; 27 April 2023: Shareholders of Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, have today approved the Board of Directors’ recommendation at the Company’s Annual General Assembly to distribute a further 4.5 fils per share cash dividend for the second half of the financial year ended 31 December 2022. Shareholders holding the shares as of the 4th of May 2023 will be eligible to receive the interim dividend. Payment to shareholders expected on the 25th of May 2023.
The payment will bring the total dividend payment for the year to AED 630 million or 9 fils per share, a 12.5% increase compared to the dividend for 2021. The increased payout reflects the Company’s strong operational performance for the year and also higher global energy prices.
Hamid Jafar, Chairman of Dana Gas, said:
“Our shareholders approved the proposal of the Board of Directors to pay out a dividend for the second half of 2022, reflecting our strong operating and financial performance throughout the year. This recommendation also reflects our deep-seated belief in the Company’s growth prospects, both in the Kurdistan Region of Iraq where our production has increased again and in Egypt, where we hope to maximize the value from our assets with the proposed concession consolidation.”
The Company reported its Q1 2023 production numbers, with average group production increased to 62,900 boepd. In the KRI, production output was 9.5% higher year-on-year for the first quarter, and 7.6% higher on a sequential quarterly basis. This was the result of an increase in production capacity at the Khor Mor Gas Plant by 50 MMscf/d in the third quarter of 2022, following the successful completion of a further plant-debottlenecking project. As of January 2023, total production capacity stands at 500 MMscf/d.
With respect to the KM 250 gas expansion project in the KRI, the Company has set a new target date of April 2024 for first gas. The Company also announces that its affiliate, Pearl Petroleum, is considering different financing options for the KM-250 expansion project at the Khor Mor field including a potential bond issue.
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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 exceeding 60 kboepd. 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
- 5% increase from 2021 dividend
- Dana Gas reported profit of AED 667 million ($182mm) in 2022
Sharjah, UAE; 21 March 2023: 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 an incremental dividend payment of 4.5 fils per share for H2 2022.
A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED 630 million or 9 fils per share, a 12.5% increase compared to the dividend for 2021. This follows the interim dividend paid in October of 4.5 fils per share. The increased payout reflects higher global energy prices and the Company’s good operational performance for the year. The outlook remains positive given the global energy market dynamics and despite some of the security and macro-economic challenges faced.
For FY 2022, the Company reported net profit of AED 667 million ($182mm) in 2022 as compared to AED 1.16 billion ($317mm) in 2021. Excluding other income and impairments, Dana Gas reported adjusted net profit of AED 718 million ($196mm) as compared to AED 469 million ($128mm) in 2021, an increase of 53%. The strong year-on-year profits were sustained by high energy prices, steady production and prudent cost control.
Revenue rose 17% to AED 1.94 billion ($529mm) in 2022 compared to AED 1.66 billion ($452mm) in 2021 due to higher realized prices and production output in the Kurdistan Region of Iraq (KRI). Production in the KRI and Egypt remained uninterrupted throughout the year. Operational costs decreased by 5% to AED 209 million ($57mm) in 2022 compared to AED 220 million ($60mm) in 2021.
Hamid Jafar, Chairman of the Board of Directors, said:
“The Board of Directors recommended this dividend which reflects our strong belief in Dana Gas’ growth prospects and recognises the Company’s strong performance. Steady production and an extended period of higher energy prices have contributed positively to our cash flow generation last year despite the challenges, and we are committed to maximising the dividends to shareholders.”
The Company’s share of 2022 production in the KRI increased to 34,300 boepd. Following the successful completion of further plant de-bottlenecking enhancements at the Khor Mor facility in the second half of the year, the plant’s production capacity increased by 50 MMscf/d to 500 MMscf/d. Gas production reached a new high of 500 MMscf on the 14 January, which will have a positive impact on production and revenues in 2023.
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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 exceeding 60 kboepd. 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
Highlights – FY 2022
- Adjusted net profit of AED 718 million ($196mm) versus AED 469 million ($128mm), up 53% year on year
- AED 1.94 billion ($529mm) in revenue due to higher realized prices
- KRI production reached a record level of 500mmscf/d in January 2023
- Completed drilling of four out of five development wells in the Khor Mor gas field
Sharjah, UAE; 8 February 2023: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its preliminary financial results for the full year ended 31 December 2022.
The Company reported net profit of AED 667 million ($182mm) in 2022 as compared to AED 1.16 billion ($317mm) in 2021. Excluding other income and impairments, Dana Gas reported adjusted net profit of AED 718 million ($196mm) as compared to AED 469 million ($128mm) in 2021, an increase of 53%. The strong year-on-year profits were sustained by high energy prices and prudent cost control.
Revenue rose 17% to AED 1.94 billion ($529mm) in 2022 compared to AED 1.66 billion ($452mm) in 2021 due to higher realized prices and production output in the Kurdistan Region of Iraq (KRI). Production in the KRI and Egypt remained uninterrupted throughout the year. Operational costs decreased by 5% to AED 209 million ($57mm) in 2022 compared to AED 220 million ($60mm) in 2021.
In 2022 production in the KRI increased by 1% to 34,300 boepd. Following the successful completion of further plant de-bottlenecking enhancements at the Khor Mor facility in the KRI in the second half of the year, the plant’s production capacity increased by 50 MMscf/d to 500 MMscf/d. Gas production reached this new record of 500 MMscf/d on the 14 January which will have a positive impact on production and revenues in 2023.
The Company reached an agreement with the Egyptian Natural Gas Holding Company (EGAS) for consolidation of its existing concessions on enhanced fiscal terms. The new terms will extend the life of Dana Gas’ economic assets and help the Company maximize value for all stakeholders over the coming years. The agreement is subject to the Egyptian parliament ratification which is expected later this year.
Dr Patrick Allman-Ward, CEO of Dana Gas, commented:
“Our strong results for the year are a testament to our ability to control costs and maintain production levels amid a prolonged environment of high energy prices. In 2022, we managed to optimize our assets in the KRI, reaching record levels of production and increasing capacity by a further 50 MMscf/d following the completion of a by-pass project. The successful completion of the project in the KRI and our plans for maximizing production in Egypt will have positive impact on the environment as gas production displaces more carbon intensive fuels for power generation which will enhance the quality of life of residents in the KRI, Iraq and Egypt.
“Our operational performance, in which all our assets continued to produce uninterrupted throughout the year, even under testing economic circumstances and security challenges, exemplifies our ability to keep delivering on our commitments.
“The outlook for this year remains encouraging, especially if oil prices remain at current levels. However, there remains various challenges, specifically with collections in the KRI and foreign currency withdrawals in Egypt. We remain vigilant as we look at our top priorities for the year, which are, in addition to securing timely payments, to develop the vast potential presented by our world-class assets in the KRI and maximize the value of our Egypt assets once the new concession consolidation agreement is ratified by the Egyptian parliament.
Operations & Production
Average group production declined slightly in 2022 to 60,200 boepd, a 3% reduction from 62,100 boepd in 2021. This resulted from an 8% reduction in Egypt to 25,900 boepd, due to natural field declines, offset by 1% increase in production output in the KRI to 34,300 boepd versus 33,800 in 2021. Both KRI and Egypt operations continued uninterrupted throughout 2022.
Liquidity
The Company’s cash balance at year-end stood at AED 553 ($151mm), including AED 322 million ($88mm) held at the Pearl level.
The Group collected a total of AED 1.16 billion ($318mm) in 2022, with Egypt and the KRI contributing AED 311 mm ($85mm) and AED 854 million ($233mm) respectively.
As at 31 December 2022, the Company’s Egypt and KRI receivables increased to AED 110 million ($30mm) and AED 235 million ($64mm) respectively. The increase in the KRI is a result of delays in the payment of invoices. In Egypt, the macro-economic situation has resulted in restrictions in repatriation of US dollars. As a result, investment will remain in line with collections and foreign currency availability. The Company will be taking appropriate measures to ensure recovery of all delayed payments as soon as possible.
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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 60,200boepd in 2022. 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