Sharjah, UAE: 2 December 2017

The Sharjah Court of Appeal today allowed the appeal of Dana Gas against the Anti Suit Injunction issued by the Sharjah Court of First Instance on 17 September 2017, which has to date restrained the Company from taking part in legal proceedings in the English Court relating to the Company’s Sukuk.

The Court of Appeal has now lifted the Anti-Suit Injunction which will allow the Company to participate in all matters before the UK Court, including pursuing appeals against the English Court’s decisions to date to join BlackRock to the UK trial, proceed with the UK trial in circumstances where the Company was restrained by Sharjah Court order from taking part in the UK Trial, and the decision of the English Court that the Purchase Undertaking is valid pursuant to English law.

The first hearing of the UAE proceedings brought by the Company challenging the validity of the Sukuk pursuant to UAE law is scheduled for 25 December 2017.  Currently, the Company is restrained from progressing those proceedings as a consequence of an Anti-Suit Injunction issued by the English High Court at the instigation of BlackRock (“BlackRock Anti-Suit Injunction”). The Company will be taking steps to apply to have the English High Court lift the BlackRock Anti-Suit Injunction prior to the 25 December 2017 in order to allow the Company to appear before the Sharjah Court to present and progress its case.

The Company remains of the view that the dispute between the parties as to the validity of the Sukuk cannot be finally resolved without the UAE Courts determining important matters of UAE law which governs the Mudarabah Agreement, being the umbrella agreement of the Sukuk, and that the best interests of all parties will be served by all parties co-operating to ensure that the UAE proceedings can proceed and be determined in a straight forward manner without unnecessary delay as soon as possible.

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

-END-

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Sharjah, UAE: 19 November 2017

Dana Gas PJSC (“Dana Gas” or the “Company”) provides the following market update in connection with the ongoing legal dispute regarding the Company’s Sukuk Al Mudarabah.

The Company announces that on Friday 17 November 2017, and in the absence of Dana Gas, the English High Court has declared that the Purchase Undertaking is valid and enforceable in accordance with its terms pursuant to English law.

Dana Gas reaffirms its belief that the UK trial and decision is flawed as the court refused to adjourn handing down its judgement until the  Company’s application to allow it to appear  in the English Court to state its case fully and properly has been decided by the Sharjah Court on 29^th November 2017 (within sixteen days).  The Company has already appealed to the English Court of Appeal the decision of the English High Court to join BlackRock and to proceed with the case in Dana Gas’ absence. The Company will also appeal against J Leggett Friday judgement made in its absence.

There remain fundamental critical legal issues under UAE law relating to the legality and validity of the Mudarabah Agreement which remain before the Sharjah Court and need to be determined.  Now that the English High Court has provided its decision as to the validity of the Purchase Undertaking under English law, the Company will take such steps as it can to have the UAE proceedings dealt with as quickly as possible.  The Company hopes that all parties will cooperate and properly participate to expedite the trial before the Sharjah Court in the interests of all concerned.

Ends

Enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

Sharjah, UAE; 13 November 2017

Dana Gas PJSC (“Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the third quarter, ended 30 September 2017.

Highlights:

• 9M Revenue $330m and Net Profit $125m, 18% and 381% higher YoY, respectively
• Q3 Revenue $108m and Net Profit $102m, 6% and 685% higher YoY, respectively
• Group production averaged 67,600 boepd, 3% higher YoY
• $562 million of cash reserves, up 86% compared to year end 2016
• Total receivables down 77%, following full and final settlement with the KRG

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

“We are very pleased with the outcome of the Settlement Agreement reached with the KRG which we believe is a real win-win outcome and an opportunity to start investing once again in our world class assets there and grow our production significantly in the short to medium term. Our operations and production have been solid over the last nine months. We are producing on average of 67,600 boepd and expect to conduct a small but exciting drilling campaign in Egypt soon. Over the first nine months we posted a net profit of $125m, supported by higher volumes, higher realised prices and as a result of accounting changes linked to the Settlement Agreement. However, business challenges still remain. There has been an increase in geopolitical uncertainty in the Kurdistan Region of Iraq and continued sporadic and deficient payments from Egypt. In the light of these ongoing business challenges we will continue to keep our overall spending tightly managed.”

Financials

The Company reported 9M 2017 revenues of $330 million and gross profit of $86 million, 18% and 38% higher compared to $280 million and $63 million in the same period 2016.

Q3 2017 generated revenues of $108 million and gross profit of $27 million, up 6% and 28% respectively on the $102 million and $21 million reported in Q3 2016.

Net profit for 9M and Q3 2017 was $125 million and $102 million respectively. This is considerably better than the $26 million and $13 million reported in the same period 2016.

Several factors led to the Company posting a strong net profit. The KRG Settlement Agreement saw a reversal of the provision for payments to the KRG, as the balance of unpaid receivables was booked to new petroleum costs, and another income accrual of $21 million in Q3, linked to dividend distribution by Pearl Petroleum.

Other factors that boosted net profit were: higher average realised prices of $39 per barrel of oil equivalent (boe) in the 9M 2017 versus $31 per boe in the 9M 2016. Group production volume was up 3%, averaging 67,600 boe in the nine months 2017 as compared to 65,600 boe in the same period. Lastly, the continuity of the Company’s disciplined cost optimisation programme resulted in low OPEX and G&A: in the nine months, costs were $49 million, in-line with the nine months 2016 figures of $50 million.

CAPEX declined by 74% during 9M 2017 to $28 million driven by lower Capex in Egypt. During the quarter the Company completed one of its most critical projects. The South Faraskur Compression project has added 5 MMscf/d in volume and has guaranteed maximum capacity output through to the end of the year.

The Company has a three-well drilling programme starting in mid-November 2017. Two of the wells will be drilled on the 100%-owned North El Salhiya (Block 1) concession, namely Bahy-2 and ESAEN-1. The third onshore well is planned to be drilled in the West Manzala Development Lease.

Dana Gas generated $366 million in free cash flow in the first nine months of the year. This was the result of the condensate export sales, a $110 million industry payment from the Egyptian government and $210 million received from the KRG as a result of the Settlement Agreement. In terms of receivables, Egypt collected $145 million in the first nine months of the year, with a collection rate of 158%. Total trade receivables now stand at $224 million, which is mainly due from Egypt. The residual receivables from the KRG of $433 million have been reclassified as petroleum costs to be recovered from future sales.

The cash balance at the end of September 2017 is $562 million, up from $337 million as of 30 June 2017. The balance does not include $140 million from the KRG Settlement Agreement which is dedicated for investment in further development in the assets in the KRI.

Kurdistan Regional Government of Iraq (KRG) – Settlement Agreement

On 30 August 2017, Dana Gas, Crescent Petroleum and Pearl Petroleum (PPCL or ‘Consortium’) reached a full and final settlement with the KRG and have mutually agreed to fully and finally settle all their differences amicably by terminating the Arbitration and related court proceedings, and releasing all remaining claims between them; implementing a mechanism for settlement of $2.2 billion awarded by the Tribunal of which the Consortium received $600 million immediately and a further $400 million to be dedicated for investment to develop the Khor Mor and Chemchemal fields and increase output. The additional production of 500 MMscf/d and 20 kboed of condensate is expected to commence in approximately two years’ time. This is a positive outcome for all parties. It will allow Dana Gas and its Consortium partners to focus on developing two gas fields containing in place volumes of approximately 75 trillion cubic feet of gas and 7 billion boe.

Country Update

Egypt

During the third quarter the Company successfully maintained production in Egypt at maximum plant capacity. Dana Gas Egypt’s production output was almost flat on a quarterly comparable basis, 40,000 versus 40,300 boepd. Over a nine months period, production in Egypt rose to 39,600 boepd, an increase of 8% compared to the same period in 2016.

In October, a cargo of 155,000 barrels of Wastani condensate was sold for $7.9 million. This was the third cargo sold internationally this year as a result of the Gas Production Enhancement Agreement.

Kurdistan Region of Iraq

The Company’s 35% share of gross production for Q3 2017 was 25,000 boepd. This was a slightly lower as compared to 26,100 boepd in production in Q3 2016 due to a planned shutdown for maintenance work. The average nine-month production in 2017 was 25,600 boepd, a similar output to 9M 2016, which averaged 25,900 boepd.

UAE

Q3 2017 average daily production from the Zora Gas Field was 1,550 boepd as compared to 2,560 in Q3 2016 and 1,650 boepd in Q2 2017.

The Company has recently completed a notional Field Development Plan and intervention program, the economic feasibility of which is being assessed. Further follow-up work is currently being undertaken and the results will be taken into consideration when the Company undertakes its annual reserves evaluation towards year-end and will be factored into the final decision that will have to be taken on the asset.

Sukuk Restructuring

Legal advice received from independent legal advisers at the end of May stated that the terms of the Company’s Sukuk Al Mudarabah are not compliant with Shari’a principles and are unlawful under the laws of the UAE and therefore are void and unenforceable. The outcome of the ongoing litigation finally in UAE courts could result in a significant liability for the Sukukholders to repay the Company excess ‘on account profit payments’ based on a lawful reconciliation of the transaction. The Company, in line with detailed public disclosures that it has made to the Securities and Commodities Authority (SCA) and through ADX, is pursuing the litigation route to resolve the matter and is confident pursuant to independent legal advice of prevailing in its interpretation of the outcome.

Arbitration

Following the damages hearing in November 2016, further post-hearing submissions were made to the Tribunal, at their request, in relation to certain matters of Iranian Law. Oral hearings on these matters took place over one week in October. The final award on the amount of damages may take up to one year.

—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 67,050 boed in 2016. 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

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The Company’s Operations in Kurdistan Region of Iraq

Sharjah, UAE, 18 October 2017

Dana Gas PJSC would like to inform the market about its current operations in the Kurdistan Region of Iraq.

The Company affirms that its operations and production in the KRI are proceeding as usual. The Company continues to supply gas to the power stations for production of electricity for the Region. All of the employees of the Company are on site and are carrying out their duties normally.

Sharjah, UAE: 12 October 2017

Dana Gas PJSC (“Dana Gas” or the “Company”) provides the following market update in connection with the ongoing legal dispute regarding the Company’s Sukuk Al Mudarabah.

The Company announces that it has today filed in the English Appeal Court applications for permission to appeal two prior decisions of the English High Court:

1. Dana has applied for permission to appeal the English High Court’s decision on 22 September which allowed BlackRock to join the English legal trial.

BlackRock is a Sukukholder and is a self-appointed member of the Adhoc Committee which purports to act on behalf of Sukukholders.  Dana Gas has appealed the English High Court’s decision to join BlackRock to the UK trial as under the terms of the agreed Sukuk contractual arrangements all Sukukholders are expressly prohibited from pursuing a claim in relation to the Purchase Undertaking or pursuant to the Sukuk Al Mudarabah.

2. Dana Gas has also applied for permission to appeal the English High Court’s decision to proceed with the English trial in circumstances where Dana Gas was prevented from participating in the English trial.

Blackrock was permitted to make its pleadings before the English High Court on matters of English law on 25 September.  Dana Gas has so far been prevented from participating in the English trial as the Sharjah UAE Federal Court of First Instance (the “Sharjah Court”) issued an anti-suit injunction against Dana Gas from participating in the English trial.

The Sharjah Court issued this anti-suit injunction at the request of and in response to the action by several shareholders of Dana Gas who sought to have the UAE law matters decided by the Sharjah Court.  The English High Court proceeded with the English trial without Dana Gas participating and adjourned until 12 October for Dana Gas to take steps in the Sharjah Court to allow it to participate in the English trial.

On the 20 September, Dana Gas filed an appeal to have the Sharjah Court anti-suit injunction varied to allow it to appear on 12 October before the English High Court on matters of English law.  On 8 October, the Sharjah Court of Appeal considered the appeal and adjourned the matter to a date to be fixed.  As the Sharjah Court of Appeal did not make the requested variation to the Sharjah Court anti-suit injunction before 12 October, Dana Gas was unable to challenge Blackrock’s pleadings on 12 October.

Ends

Enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

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THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY

Sharjah, UAE: 20 September 2017

Dana Gas PJSC (“Dana Gas” or the “Company”) wishes to inform the market that the Company, together with Crescent Petroleum Company International Limited (“Crescent Petroleum”), has today commenced arbitration proceedings against MOL Group (‘MOL’).

Dana Gas recently announced settlement of the long running dispute between itself, Crescent Petroleum and Pearl Petroleum Company Limited (“Pearl”) and the Kurdistan Regional Government of Iraq (the “KRG”) on beneficial terms which paved the way for immediate development of the world class resources in Khor Mor and Chemchemal to maximize their potential for mutual benefit as well as the benefit of the people of the Kurdistan Region and all of Iraq.

The Settlement Agreement with the KRG was welcomed and endorsed by Dana Gas, Crescent Petroleum, OMV and RWE, together holding 90% of the shares of Pearl. Unfortunately, MOL (a 10% shareholder of Pearl) unreasonably sought to link its endorsement of the settlement to a renegotiation of the terms by which it first secured its participation in Pearl back in May 2009 (namely its commitment to certain contingent payments) and now complains about Dana Gas and Crescent Petroleum for their handling of the settlement alongside Pearl, expressing dissatisfaction with the outcome as compared to the alternative of pursuing a final litigation and enforcement outcome against the KRG.

Accordingly, Dana Gas and Crescent Petroleum have been forced to initiate arbitration in The London Court of International Arbitration in order to obtain formal declarations to resolve these matters.

Dana Gas and Crescent Petroleum are now in their tenth successful year of production in the Kurdistan Region as joint operators on behalf of Pearl and having produced 215 MMboe to date, making them the largest cumulative producers in the Region. The companies look forward to the expansion of the next phase of production from the world class fields. Dana Gas and Crescent Petroleum have also now sold the entirety of their combined 6% shareholding in MOL.

—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 67,050 boed in 2016. 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

ir@danagas.com

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Mr. Saif Sayyah Al Mansouri

Head of Listed Companies Department

Abu Dhabi Securities Exchange

Greetings

Subject: Payment of US$ 1 billion by KRG

As a result of numerous market enquiries, please be informed that Dana Gas can confirm that the sum of US$ 1 billion paid by the KRG in the recently announced settlement agreement was received by the PEARL Petroleum Company Limited (Dana Gas share 35%) prior to the signing of the agreement on the 30th August 2017 and the announcement of that agreement shortly afterwards on the same day.

Kind regards

30^TH AUGUST 2017

JOINT PRESS RELEASE

KRG AND PEARL CONSORTIUM REACH FULL AND FINAL SETTLEMENT

Settlement Agreement between Kurdistan Regional Government of Iraq (the “KRG”) and (i) Dana Gas PJSC; (ii) Crescent Petroleum Company International Limited; and (iii) Pearl Petroleum Company Limited (“Pearl”); together (the “Consortium”)

The KRG and the Consortium, together (the “Parties”), signed a Heads of Agreement on Khor Mor and Chemchemal fields on 4 April 2007 (the “HoA”).  Subsequently a dispute arose between them concerning certain matters under the HoA, and they referred this dispute on 21 October 2013 to an arbitration under LCIA case reference number 132527 (the “Arbitration”) for decision by an arbitral tribunal (the “Tribunal”) in London.

The Parties have mutually agreed to fully and finally settle all their differences amicably by terminating the Arbitration and related court proceedings, and releasing all remaining claims between them, including the substantial damages asserted by the Consortium against the KRG; implementing a mechanism for settlement of $2,239 million awarded by the Tribunal to date ; and proceeding with immediate further development of the HoA’s world class resources for mutual benefit as well as the benefit of the people of the Kurdistan Region and all of Iraq.

The agreed settlement highlights are as follows:

• The KRG will immediately pay Pearl a sum of US$600 million.
• The KRG will also immediately pay Pearl a further US$400 million to be dedicated for investment exclusively for the aforesaid further development to substantially increase production.
• Pearl will increase gas production at Khor Mor by 500 MMscf/day, a 160% increase on the current level of production (the “Additional Gas”). The Additional Gas, together with significant additional amounts of condensate, is expected to begin production in approximately two years.
• The balance of sums awarded by the Tribunal ($1,239 million) is no longer a debt owed by the KRG and will be reclassified as outstanding cost recoverable by Pearl from future revenues generated from the HoA areas.
• The profit share allocated to Pearl from future revenues generated from the HoA areas are adjusted upwards to a level similar to the overall profit levels normally offered to IOCs under the KRG’s Production Sharing Contracts. This adjustment reflects the larger investment risks and costs involved in the development of natural gas resources compared to oil developments. After the recovery of costs and a return on investment by the Consortium, 78% of revenues generated from the HoA areas will be for the account of the KRG, and 22% for the account of Pearl.
• The Parties have clarified the Khor Mor block boundary coordinates and the KRG has awarded the Consortium investment opportunities in the adjacent blocks 19 and 20, and added these to the HoA areas, with commitments by the Consortium to make appraisal investments on these blocks, and developments if commercial oil and gas resources are found.
• The KRG will purchase 50% of the Additional Gas on agreed terms to boost the gas supply to power generation plants in the Kurdistan Region.  The other 50% of the Additional Gas (250 mmscf/d) will be marketed and sold by Pearl to customers within Iraq or by export, or can be sold to the KRG as well to further boost power generation within Iraq.
• Pearl will also expand its local training and employment programs towards achieving maximum localization and content, as well as supporting local communities through its active Corporate Social Responsibility (CSR) programmes.
• The Parties have exchanged mutual releases, waivers, and discharges in relation to all claims in relation to the Arbitration and related court proceedings.
• The Parties have also amended and clarified the HoA language and terms, including extension of the term of the contract until 2049.

The Parties are very pleased with their settlement and and look forward to working together to maximise the full potential of the HoA areas, for their mutual benefit as well as that of the people of the Kurdistan Region and all of Iraq. Under the settlement, the people of the Kurdistan Region and Iraq will enjoy additional revenues and improved electricity supply. The Parties believe that this settlement agreement confirms to international investors that the Kurdistan Region of Iraq offers an attractive and secure environment for investment.

H.E. Dr. Ashti Hawrami, Minister of Natural Resources of the KRG, said:

«The companies’ investment and production to date has already delivered substantial benefits for the Kurdistan Region through enabling cost-effective power generation. We are delighted by the outcome of this settlement which opens a new chapter in the relationship between the parties and will take the development of the important natural gas sector to new heights.»

Mr. Majid Jafar, CEO of Crescent Petroleum and Managing Director of the Board of Dana Gas PJSC, added:

«We have always expressed our commitment to amicable resolution of matters to enable proper development of the Khor Mor and Chemchemal fields. We are pleased with this definitive agreement which follows constructive dialogue with the KRG and promises to generate significant value for all concerned. The settlement of all debts and restoration of full cooperation gives a positive outlook for further investment and full realization of the enormous resource potential of the HoA areas.»

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Sharjah, UAE: 20 August 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on the application submitted the Sharjah Federal First Instance Court to discharge the injunction granted by it on 13 June 2017.

In compliance with the order of the English Court of 29 July 2017, Dana Gas submitted on Thursday 17 August 2017 an application to the Sharjah Federal First Instance Court to discharge the injunction granted by it on 13 June 2017 which restrains the Trustee, the Delegate, the Principal Security Agent and others (the “Respondents”) from taking any legal action against the Company until pronouncement of final judgement by the Sharjah Court.

None of the Respondents appeared before the Sharjah Federal First Instance Court to contest the injunction granted by the Court including the Third Respondent which has been officially notified at its place of business in Abu Dhabi through the Abu Dhabi Court.

As a condition for continuation of the English Court injunction granted against the Respondents, the English Court ordered Dana Gas to submit an application to the Sharjah Federal First Instance Court to discharge the injunction granted by the Sharjah Federal First Instance Court against the Respondents on 13 June 2013.  The English Court further allowed the Trustee and the Delegate (First and and Second Respondents) to lodge a counter-claim against  the Company in the English proceedings, while the Sharjah Court injunction was still in place.

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Sharjah, UAE; 15 August 2017

Dana Gas PJSC (“Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the half-year and second quarter ended 30 June 2017.

Highlights:

• H1 gross revenue of $222m, up 25% (H1 2016: $178m)
• H1 net profit of $23m, up 77% (H1 2016: $13m)
• H1 average production was 67,550 boepd, 6% higher (H1 2016: 63,700 boepd)
• Successful completion of planned shutdown at El Wastani gas plant, clean HSSE record
• Further optimising costs: H1 – OPEX lower 7% to $25m, G&A steady at $7m
• Collected $198m, including $110m industry payment in Egypt
• Second condensate sale concluded in July

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

“I am pleased to report a solid set of operational and financial figures for the first-half of 2017. We posted higher revenue and nearly doubled our net profit to $23 million. We maintained strong production numbers by adding a further 13% output in Egypt despite the planned shutdown of the El Wastani Gas Plant, which was completed successfully and without incident. Furthermore, we have plans to drill three exploration wells on Block 1 in Egypt in Q4 as part of our concession activity commitment. We remain excited about the potential for medium to long-term growth but also recognise the need to manage the short-term cash collection challenges until we recover affirmed receivables and thereby realise the enormous value of our assets.”

Financials

In the first half 2017, Dana Gas reported gross revenues of $222 million and net profit of $23 million as compared to $178 million and $13 million respectively in H1 2016. During the second quarter 2017, the Company reported gross revenues of $104 million and a net profit of $12 million as compared to $96 million and $7 million respectively in Q2 2016.

The solid increase in the half-year profitability is based on several factors: firstly, a 25% increase in gross revenue; secondly, an increase in the profit entitlement from Kurdistan Region of Iraq (KRI); thirdly, the positive impact of the cost management program, which further optimised operating costs by 7%; fourthly, a $5 million increase in other income segment and lastly, a reduction in finance costs by $8 million as a result of settling Zora and other loans during the period. However, this increase was partly offset by a reduction in investment and finance income.

In the first half, OPEX dropped 7% to $25 million and G&A remained steady at $7 million.  CAPEX was down 84% to $13 million as the Company continued to balance capex with available sources of cash.

Average realised prices in H1 were $40 per barrel of oil equivalent (boe) versus $30 per boe in H1 2016, boosting revenue across the portfolio.

Total average group production was 67,550 barrels of oil equivalent per day (boepd) in the first half 2017, 6% higher compared to H1 2016. The increase in production was driven by higher output in Egypt, up 13% and consistent performance in KRI.

The Company generated $142 million in free cash flow in the half-year, principally due to an industry payment from the Egyptian government of $110 million. However, the Company has financial commitments of $60 million in Egypt that have accumulated during the last 18 months of drilling activity related to GPEA investment program that need to be repaid. Furthermore, the Company has plans to drill three exploration wells on Block 1 in Egypt in Q4 as part of its concession activity commitment.

Collections were strong in the first half 2017. Our collection rate in Egypt and KRI, for the first half 2017, was 229% and 115% respectively. The Company collected $198 million, the bulk of which came from Egypt at $135 million. KRI and UAE was $55 million and $8 million respectively. Due to the higher collections during the first-half 2017, the current cash balance, as at 30 June 2017 increased to $337 million, up from $302 million at year-end 2016 and the total trade receivable balance fell to $900 million at the period end as compared to $982 million at the end of December 2016.

Country Update

Egypt

Dana Gas Egypt’s production output was 13% higher on a half-yearly comparable basis, 39,300 versus 34,850 boepd. The Company recorded a 3% jump in quarterly production, 37,650 boepd in Q2 2017 versus 36,550 boepd in Q2 2016.

The planned shutdown of the El Wastani Gas Plant was successfully completed in June 2017. There was a complete shutdown for five days for critical inspection and maintenance and a further partial shutdown for four days. The work was conducted by Egyptian contractors and the work was concluded with no recordable incidents or environmental spills, reflecting an excellent HSSE performance. The shutdown was necessary for the Company to improve plant performance and allow it to maintain production at just under 40,000 barrels per day until the end of the year.

The Company has started preparation work on the 100%-owned North El Salhiya (Block 1) concession for its drilling campaign in quarter four 2017. Three onshore wells will be drilled: North El Basant, ESAEN-1 and Bahy-2. Any exploration success and future production can be easily monetised through the existing infrastructure in place. Work is also progressing regarding the North El Arish (Block 6) offshore concession in the Eastern Nile Delta, with drilling scheduled for early 2018.

A second Wastani condensate cargo was sold internationally in July, following on from the first cargo sale in April. These cargos are a direct result of the Gas Production Enhancement Agreement put in place with the relevant Egyptian government agencies in August 2014. The cargo was 157,000 barrels at a total price of US$ 7.0 million.

Kurdistan Region of Iraq

The Company’s 35% share of gross production for H1 and Q2 2017 was 25,900 boepd and 25,400 boepd respectively, similar to what was produced in H1 and Q2 2016. A planned shutdown for maintenance work is due to take place in the second half 2017.

UAE

H1 2017 average daily production from the Zora Gas Field declined to 1,700 boepd as compared to 2,300 in H1 2016.

The field is currently delivering approximately 10 mmscfd sales gas to a Sharjah power station and producing 100 bbl/day of condensate. Production has continued to decline from 3,250 boepd in June 2016 to 1,650 boepd by the end of the second quarter this year.

The Company has received the preliminary results on its potential well intervention program which indicates that at current gas prices any further well intervention in unlikely to be economically viable. These results and will be taken into consideration when the Company undertakes its annual reserves evaluation towards year-end and will be factored into the final decision that will have to be taken on the asset.

Sukuk Restructuring Discussions

Legal advice received from independent legal advisers at the end of May stated that the terms of the Sukuk are not compliant with Shari’a principles and are unlawful under the laws of the UAE and therefore are void and unenforceable. The final outcome of the ongoing litigations in UAE courts would likely result in a significant liability for the Sukukholders to repay the Company excess ‘on account profit payments’ based on a lawful reconciliation of the matter. The Company, in line with detailed public disclosures that it has made to the Securities and Commodities Authority (SCA) and through ADX, is pursuing the litigation route to resolve the matter and is confident pursuant to independent legal advice of prevailing in its interpretation of the outcome.

Arbitration

The Company continues to wait for the final judgement regarding the NIOC damage claims and this is now expected towards the end of 2017 or in the first half of next year.

The Company continues to press ahead with recovering the money owed to it from the Kurdistan Regional Government for the second and third Partial Final Awards. It has also prepared for the final damages claim that will be heard in London in September.

Dana Gas is confident that it will realise significant value resulting from these arbitrations, whether through settlement and/or enforcement of the awards.

—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 67,050 boed in 2016. 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

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Sharjah, UAE: 1 August 2017

The Tribunal of the London Court of International Arbitration (“Tribunal”) yesterday released its First Partial Final Costs Award, dated 17 July 2017 in the Arbitration between Peal Petroleum Company Limited, Dana Gas PJSC and Crescent Petroleum Company International Limited (the “Consortium”) –v- The Kurdistan Regional Government of Iraq (“KRG”).

The Tribunal ordered the KRG:

• to pay US$ 14,046,485 to the Consortium within 28 days, together with interest at LIBOR + 2% from the date of the Award; and
• to bear 85% of the LCIA Arbitration fees and Tribunal’s fees and expenses up to 27 November 2015 amounting to GBP 403,055.97.

The Costs Award relates to the legal costs incurred by the Consortium up to 27 November 2015.  The legal costs incurred in the Arbitration after this date will be the subject of further Costs Awards from the Tribunal in due course.

This additional order of the costs follows the 1st, 2nd and 3rd partial final awards already received on, 2 July 2015, 27 November 2015 and 30 January 2017.

The quantification of the damages for the Delayed Development Claim by the “Consortium” will be determined by the Tribunal at a further hearing scheduled to take place in September 2017.

Dana Gas and its consortium partners have invested over US$1.2 billion so far and produced over 150 million barrels equivalent of gas and petroleum liquids, which has had a transformative positive effect on the local economy in the Kurdistan Region and in particular in providing gas to fuel affordable electricity supply. Dana Gas and its Consortium partners reiterate their continued commitment to the KRG and to the people of the Kurdistan Region and all of Iraq, and hope that any outstanding matters with the MNR will be resolved, amicably and in good faith, in the shortest possible time.

Prior disclosures related to the arbitration and these prior awards can be found on the ADX website:

https://www.adx.ae/English/Pages/ProductsAndServices/Securities/SelectCompany/Events.aspx?listedcompanyid=DANA.

-END-

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Sharjah, UAE: 24 July 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on the steps taken by the Company in compliance with the order (“English Court Order”) of the English High Court of Justice (“English Court”) issued on 5^th July 2017 to lift the UAE Injunction and stay the UAE proceedings, which continued the English Injunction sought by the Company restraining the Delegate, Trustee and Security Agents (together, “Respondents”).

The Company has obtained legal advice from UAE Counsel on the requisite steps to take in compliance with the English Court Order, and also made applications to the Sharjah Court for procedural directions.  

UAE Counsel have advised that based on UAE civil procedure and directions obtained from the Sharjah Court, the required steps must be made jointly by the Company and all the Respondents to the Judges appointed by the Sharjah Court to hear and determine the UAE proceedings.  The Sharjah Court further directed that these steps can only be taken following the July/August Sharjah Court Judicial recess, and once the Respondents located outside the UAE have been formally served using the officially-mandated diplomatic service process which can take between 3 – 6 months to complete.

Accordingly, the Company has taken all of the necessary and available steps open to it to comply with the order of the English Court relating to the lifting of the UAE Injunction and staying the UAE proceedings.

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY 

Sharjah, UAE: 16 July 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on the favourable results of legal proceedings related to its injunction in the United Kingdom, in line with disclosure requirements.

On 16 June 2017, the Company filed a pre-emptive lawsuit in the High Court of Justice in London, United Kingdom, to protect its interests against any adverse action in connection with its Sukuk Al-Mudarabah by representatives of the Sukukholders. The Court previously granted the Company an interim injunction restraining the said representatives (Trustee, Delegate and Security Agents) from taking any such actions. As previously disclosed, the Company has already obtained similar injunctions in the UAE and BVI courts. 

On 4 and 5 July 2017, a further UK High Court hearing was held to consider whether or not the interim injunction it obtained on 16 June 2017 should be continued.  Dana Gas succeeded on all the legal arguments upon which it relied, and the Court continued the injunction, until a trial scheduled for September 2017.  The English Judge found, on the two key tests for the continuation of an injunction under English law, that Dana Gas has a “seriously arguable case” and that the balance of justice was in favour of the Company. Dana Gas was also not required to fortify the injunction.  

In connection with the injunction order, the Judge ordered that Dana Gas make certain undertakings, including to have the similar injunction issued by a UAE Court lifted as against the

 Delegate and Trustee and to stay the legal proceedings there until the outcome of the UK trial, in order to avoid duplication in multiple jurisdictions. 

 The Company remains keen to engage with Sukukholders and to reach an agreement on a consensual basis. This is not prevented by the injunctions in place.

ENDS

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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Sharjah, UAE, 6 July 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, invites Holders of its Mudarabah Sukuk to its re-scheduled call which will take place on Thursday 6^th July at 4 pm UAE time (2 pm Central European Time, 1 pm British Summer Time, 8 am Eastern Daylight Time US).

The purpose of the call is to communicate directly with the Company’s broad Sukukholder group, and provide proper context and additional information regarding the planned restructuring, including background on the declaration of the current Sukuk’s unlawfulness, the proposed solution for the way forward, and the steps that the Company has in the meantime had to take to protect its position and in the interests of all of its stakeholders.  This invitation follows several approaches that Dana Gas has made to the recently-formed Ad Hoc Committee requesting a meeting or a call, all of which have regrettably been declined.

The Company continues to seek a fair, lawful and consensual restructuring, and is keen to engage openly with all holders of its Mudarabah Sukuk.

Dial in numbers: UAE 800035702760

                               UK +44 2030432440

                               US + 1 8778874163

PIN code:   50582633#

Please note that there will not be a question and answer session. The text of the statement will subsequently be uploaded onto the Dana Gas website.

END

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

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Sharjah, UAE, 3 July 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, invites Holders of its Mudarabah Sukuk to its re-scheduled call which will take place on Thursday 6^th July at 4 pm UAE time (2 pm Central European Time, 1 pm British Summer Time, 8 am Eastern Daylight Time US).

The purpose of the call is to communicate directly with the Company’s broad Sukukholder group, and provide proper context and additional information regarding the planned restructuring, including background on the declaration of the current Sukuk’s unlawfulness, the proposed solution for the way forward, and the steps that the Company has in the meantime had to take to protect its position and in the interests of all of its stakeholders.  This invitation follows several approaches that Dana Gas has made to the recently-formed Ad Hoc Committee requesting a meeting or a call, all of which have regrettably been declined.

The Company continues to seek a fair, lawful and consensual restructuring, and is keen to engage openly with all holders of its Mudarabah Sukuk.

For dial in details please contact Dana Gas investor relations at ir@danagas.com.

Please note that there will not be a question and answer session. The text of the statement will subsequently be uploaded onto the Dana Gas website.

END

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

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H.E. Dr. Obaid Saif Al Zaabi

Chief Executive Officer

Securities & Commodities Authority

Abu Dhabi – UAE

Mr. Saif Sayyah Al Mansouri

Head of Listed Companies Department

Abu Dhabi Securities Exchange

Greetings

With Reference to Article 36/10 of the Disclosure and Transparency Regulations No 3 of 2000 wewould like to inform you that based on records received from ADX, Goldilocks Investment Company Limited, shareholding has reached 5.0% in the share capital of Dana Gas Company PJSC.

Yours sincerely,

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Sharjah, UAE

19 June 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today invites Holders of its Mudarabah Sukuk to a call on Wednesday 21 June at 4 pm UAE time (2 pm EST, 1 pm UTC, 8 am Atlantic Time).

The purpose of the call is to communicate directly with the Company’s broad Sukukholder group, and provide proper context and additional information regarding the planned restructuring, including background on declaration of the current Sukuk’s unlawfulness, proposed solution for the way forward, and the steps that the Company has in the meantime had to take to protect its position in the interests of all of its stakeholders.  This invitation follows several approaches that Dana Gas has made to the recently-formed Ad-Hoc Committee requesting a meeting or a call, all of which have regrettably been declined.

The Company continues to seek a fair and consensual restructuring, and is keen to engage openly with all holders of its Mudarabah Sukuk.

For dial in details please contact Dana Gas investor relations at ir@danagas.com .

Please note that there will not be a question and answer session.

END

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

Sharjah, UAE

18 June 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on the results of a further legal proceeding commenced in England in line with disclosure requirements.

 On 16 June 2017 the Company filed a pre-emptive law suit in the English High Court of Justice in London to protect its interests against any hostile action in connection with its Sukuk Al-Mudaraba by representativesof the Sukukholders. The Court granted the Company an injunction restraining the said representatives (Trustee, Delegate and Security Agents) from taking any such actions. As previously disclosed, the Company has already obtained similar injunctions in the UAE and BVI courts. 

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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Sharjah, UAE

15 June 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on a further legal proceeding commenced yesterday in line with disclosure requirements.

On 13 June 2017, the Company was granted an additional injunction from the Commercial Division of the High Court of Justice in the British Virgin Islands (“BVI”).

The injunction restrains among other things, any enforcement action against certain of the Company’s BVI assets and provides additional protection for the Company’s position pending the outcome of the substantive action in the UAE Court to have its Sukuk Al Mudaraba dated 8 May 2013 declared unlawful and unenforceable. 

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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Sharjah, UAE

14 June 2017

Dana Gas PJSC (the “Company”), the Middle East’s largest regional independent natural gas company, today updates the market on its lawsuit commenced yesterday in the Sharjah Federal Court of First Instance (the “Court”) in line with disclosure requirements.

As requested by the Company, the Court has issued an injunction pending determination of the Company’s application to have its Sukuk dated 8 May 2013 declared unlawful and unenforceable.  The injunction restrains, among other things, the Trustee, the Delegate, the Principal Security Agent and the Egyptian Security Agent under the Sukuk from taking any action, inside or outside the United Arab Emirates, to enforce against any of the securities of the Company and its affiliates under the Company’s Security Agreement until a final determination is made by the Court in the lawsuit.  An initial hearing on the substantive action has been scheduled by the Court for 25 December 2017.

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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Sharjah, UAE: 13 June 2017

Dana Gas PJSC (the ‘Company’), the Middle East’s largest regional independent natural gas company today updates the market on discussions with holders of its Sukuk dated 8^th May 2013, in line with disclosure requirements.

On 3 May 2017, Dana Gas invited the holders (‘Holders’) of its outstanding US$350 million 9% ordinary certificates and its US$350 million 7% exchangeable certificates, each due October 2017 (the ‘Sukuk’) to form an ad-hoc committee (‘Committee’) in order to commence discussions relating to its Sukuk.

The Company has scheduled a call with the Committee for later today during which the Company will cover the following points and set out an initial proposal for restructuring the existing Sukuk based on these broad principles and terms:

Due to the evolution and continual development of Islamic financial instruments and their interpretation, the Company has recently received legal advice that the Sukuk in its present form is not Shari’a compliant and is therefore unlawful under UAE law. As a result, a restructuring of the current Sukuk is necessary to ensure that it conforms to the relevant laws for the benefit of all stakeholders.

The Company therefore proposes to exchange the Sukuk with a new enforceable, Shari’a compliant instrument, which would have a tenor of four years, confer rights to profit distributions at less than half of the current profit rates and without a conversion feature.  Such new profit payments will comprise a cash and PIK element.

The new instrument would represent a fundamental improvement to the current situation for Holders as it would be enforceable and would provide repayment to Holders over time.

As the Company’s receivables and future damages payments may be unpredictable, Dana Gas proposes to make prepayments under the new Sukuk either in whole, or in part at par, prior to its maturity without any penalty thus providing a path for early pay-down for the Holders.

The next two Distributions scheduled for 31 July 2017 and 31 October 2017 cannot be paid now that the existing Sukuk is deemed unlawful but will be accounted for as part of the new Sukuk instrument.

Dana Gas believes that this proposed exchange offer is in the interest of all parties and is seeking a consensual agreement with Holders. This proposed offer also takes into account the Company’s need to focus on short to medium term cash preservation due to the continued challenges it faces around cash collections in KRG and Egypt. The proposed offer will allow the Company time to collect on over US$900 million of total receivables due from the KRG and Egyptian government and also obtain awards for damages from the arbitration cases with the KRG and NIOC.

The Company has also commenced proceedings in the UAE courts in order to seek a declaration as to the lawfulness of its existing Mudaraba Sukuk and intends to adopt other legal measures as necessary to protect its assets and interests as well as its commitment to its shareholders to remain Shari’a compliant.

During the 2012 restructuring, representatives of the Holders unnecessarily declared a Technical Default while negotiations were still ongoing, causing lasting harm.  The Company now assures all parties that no Dissolution Event nor Technical Default has taken place, nor indeed can take place due to the unlawful nature of the Sukuk.  While the Company is keen to reach a consensual agreement with the Holders, Dana Gas has a duty to protect the assets of the Company for the benefit of all stakeholders and will take action to fulfill this duty.

Patrick Allman-Ward, Chief Executive Officer of Dana Gas said:

“Since the Sukuk were put in place in May 2013, Dana Gas has been transformed.  Against a backdrop of significant operational progress, the Company has had clear successes in its arbitration cases and now has approximately US$900 million of undisputed receivables from two Governments.  The Company’s risk profile has changed very positively and the outstanding balance of the Sukuk has been reduced from $1 billion to the current US$700 million despite continued challenges around collections. The Company however still needs time to deliver fully on its potential and in the meantime must preserve its financial strength so that it can realize the full value of its assets for the benefit of all stakeholders.”

For media enquiries please contact:

Azadeh Varzi / Fiona Micallef Eynaud

Brunswick Group LLP

Tel: +442074045959

Email: danagas@brunswickgroup.com

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 67,050 boed in 2016. 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

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Mr. Saif Sayyah Al Mansouri

Head of Listed Companies Department

Abu Dhabi Securities Exchange

Greetings

Dana Gas is pleased to announce the receipt of a new payment of US$ 40 million in US dollars (AED 147 million) towards its outstanding receivables in Egypt.

This brings the total amount received from the Egyptian government in 2017 to US$ 135 million (AED 497 million).

The current receivables balance in Egypt now stand at US$ 187 million (AED 687 million).

Kind regards

Patrick Allman-Ward

Chief Executive Officer

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Dana Gas has appointed Houlihan Lokey as financial advisors and Squire Patton Boggs as legal advisors in connection with the Company’s Sukuk Al Mudarabah amounting to $ 700 Million the term of which expires on 31 October 2017.

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Mr. Saif Sayyah Al Mansouri

Head of Listed Companies Department

Abu Dhabi Securities Exchange

Greetings

Reference to the Company’s disclosure dated 18 May 2017 (ADX/10/2017) in regards to a payment of US$50  million received from the Egyptian Government, Dana Gas is pleased to announce the receipt of a further US$ 20 million (AED 74 million) as another partial payment towards its outstanding receivables. This payment was made entirely in Egyptian pounds.  These payments together represent 25% of Dana Gas Egypt’s totals overdue receivables of US$ 283 million (AED 1.038 billion) as of the end of Q1 2017.

Kind regards

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Mr. Saif Sayyah Al Mansouri

Head of Listed Companies Department

Abu Dhabi Securities Exchange

Greetings,

Subject: Dana Gas receives partial payment of $50 million from the Egyptian Government

Please be informed that Dana Gas has received an initial payment of US$ 50 million (AED 184 million) from the Egyptian Government as partial payment of its outstanding receivables.

This payment represents 18% of Dana Gas Egypt’s total overdue receivables of US$ 283 (AED 1.038 billion) as of the end of Q1 2017, and was made as part of an industry payment made to the petroleum sector.

Whilst the Company is hopeful that further payments will be forthcoming, it will remain in cash preservation mode given the continued uncertainty around the timing of these collections.

Kind regards,

Duncan Maclean

Legal and Commercial Director

Sharjah, UAE; 11 May 2017

Dana Gas PJSC (“Company”), the Middle East’s largest regional natural gas company, today announced its financial results for the first quarter ended 31 March 2017.

Highlights:

• Q1 gross revenue was $118 million, up 44% (Q1 2016: $82 million)
• Q1 net profit was $11m, up 83% (Q1 2016: $6 million)
• Q1 average production was 69,900 boepd, up 16% (Q1 2016: 60,500 boepd)
• Continued successful cost reduction with Q1 OPEX down 23%
• Continuing challenges regarding collections in Egypt
• Initiated Sukuk refinancing discussions
• Positive arbitration outcomes regarding KRI

Dr Patrick Allman-Ward, CEO, Dana Gas, said: “Our solid financial results are testament to our ongoing efforts at maximising production while reducing costs.  Group production was up for the second consecutive quarter, despite significantly reduced operating and capital expenditure. Further capital investment will be balanced with our collections. “

“Whilst we focus on short to medium term cash preservation, we remain excited about the potential for medium-term growth opportunities in Egypt and the development of our world class assets in the Kurdistan Region of Iraq over the medium to long term. Together with the potential damages claims from the arbitration cases the total value of Dana Gas’ assets are very significant. The Company needs time to realise this value, as well as collect on the circa $1 billion owed by the KRG and Egypt, for the benefit of all its stakeholders. “

Financial Results

In the first quarter 2017, Dana Gas reported gross revenues of $118 million and net profit of $11 million as compared to revenue and net profit of $82 million and $6 million in the first quarter 2016.  The uplift was due to increased production, principally in Egypt and higher realised prices. Overall group production was 69,900 boepd, 16% higher compared to Q1 2016. Average realised prices in Q1 were $42 per boe, versus $30 per boe in Q1 2016.

The Company generated $27 million in free cash flow in the first quarter, driven by a reduction in OPEX and CAPEX and continued discipline on G&A expenditure. OPEX was down 23% due to further cost reductions in Egypt and CAPEX was down 78% as the Company focused on completing only those projects that were already in progress and those related to maintaining plant asset integrity and safe operations. The Company will continue adopting a prudent approach to spending as part of its effort to preserve cash resources.

The current cash balance, as at 31 March 2017 was $298 million, down from $302 million at year-end 2016. In April the Company repaid the outstanding $60 million loan on the Zora Gas Field project principally to avert a covenant breach and avoid the negative carry.

In the first quarter 2017, collections in Egypt were $13 million, representing 42% of total billings. Total trade receivables in Egypt increased to $283 million from $265 million as of 31 December 2016.  In the Kurdistan Region of Iraq, collections were $31 million, representing approximately 119% of total billings. This was due to direct sales of liquid products to the local market and regular pro-rata payments against the $100 million Peremptory Order. Total receivable balance decreased marginally to $712 million. The Company’s overall trade receivables were $1.0 billion at the period end, up from $982 million as of 31 December 2016.

The Board of Directors recently requested an independent external consultant to review the overall maximum potential value of the Company and this was estimated to be in excess of $29 billion. These key assets include the Company’s resources and reserves in the KRI, Egypt and UAE as well as arbitration awards and pending damages claims. The Company is currently focused on short to medium term cash preservation to deliver this long-term potential.

Country Update

Egypt

Dana Gas Egypt’s production was solid in Q1 2017. The onshore gas processing plant capacity at El Wastani remained at maximum output. Total output for the first quarter was 40,950 barrels of oil equivalent per day (boepd), a 24% increase on the 33,000 boepd output in Q1 2016.

The Company has significantly reduced its capital and operational expenditure plan for 2017, focussing on completing projects in progress or asset critical projects. In the second quarter 2017, the El Wastani plant is planned to be shut down either in full or in part for an estimated ten day period whilst work is carried out to improve plant performance and reliability.

After the end of the first quarter 2017, the Company concluded the first international condensate sale in Egypt under the Gas Production Enhancement Agreement (GPEA). The first cargo of approximately 150,000 barrels of Wastani condensate was loaded on 15 April 2017. The buyer issued a letter of credit under which payment amounting $7.2 million will be paid directly to Dana Gas in US dollars. The cash proceeds generated from the Government’s share of the incremental condensate sales will contribute to paying down the outstanding receivables owed to Dana Gas by the Egyptian Government.

Kurdistan Region of Iraq

The Company’s 35% share of gross production for the first quarter 2017 was 26,500 boepd up 4% on the 25,500 boepd in the first quarter 2016.

The Tribunal at the London Court of International Arbitration (LCIA) issued their third judgement dated 30 January 2017, ruling in the Claimant’s favour regarding the most important of the issues under dispute, including complete dismissal of the KRG’s counterclaims. Following this announcement, the KRG has requested the Consortium to execute appraisal work and submit development plans on the world-class fields of Khor Mor and Chemchemal.

Furthermore, in agreement with the KRG’s Ministry of Natural Resources, the Company has begun selling condensate directly to the government through the Jambour pipeline after it completed all its previously agreed local sales contracts, where it is spiked into the oil export stream to Ceyhan. The Consortium has been paid $20 million in advance and regular monthly payments commenced in April.

UAE

Average daily production from the Zora Gas Field declined to 1,800 boepd in the first quarter as compared to 2,100 boepd in the fourth quarter 2016. Total production has declined steadily from production start-up in February 2016. The Company is still undertaking further studies to review the subsurface modelling and to determine what commercially viable additional work may be required to have an impact on the gas flow rates.

Sukuk Restructuring Discussions

On 3rd May 2017 Dana Gas announced that it will commence restructuring discussions with holders of its Sukuk dated 8th May 2013.  The Company will be addressing the way forward on the Sukuk, which has a maturity date of 31st October 2017 in a practical manner that balances the interests of all stakeholders taking into account the continued challenges it faces around cash collections and its resulting need to focus on short to medium term cash preservation. The remaining profit payments will be addressed sensibly as part of the solution.  A copy of the press release is available at the Company Website www.danagas.com.

Arbitration

Very good progress has been made with regard to the arbitrations with the KRG and NIOC affirming the Company’s contractual rights and paving the way for uncontested implementation and value realisation.

Over the last six months, Dana Gas has seen the KRG withdraw their claims in the English High Court to challenge the Second Partial Final Award, which was handed down on 27 November 2015. Following, the LCIA Tribunal’s third judgment dated 30 January 2017 the quantification of the Claimants’ damages for the delayed development claim will be determined by the Tribunal at a further hearing scheduled in September 2017.

Similarly, in the arbitration case against National Iranian Oil Company (NIOC), the gas supply contract with Crescent Petroleum, through which Dana Gas has significant gas supply rights into the UAE, have been affirmed beyond doubt, while the challenges mounted by NIOC in the English High Court have now been dismissed. Final hearing of the remedies phase against NIOC for non-performance of the contract (including claims for damages and indemnities for third party claims) took place in November 2016. Due to a long post-hearing submissions timetable, the final damages award is expected at the end of 2017 or early 2018.

Dana Gas is confident that it will realise significant value resulting from these arbitrations, whether through settlement and/or enforcement of the awards.

—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 produvtion of 67,050 boed in 2016. 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

Company set to receive full payment in US dollars for export cargo

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Sharjah, UAE; 26 April 2017:

Dana Gas PJSC (“Company”), the Middle East’s largest regional natural gas company, has today achieved an important milestone with the first international sale of condensate in Egypt under the Gas Production Enhancement Agreement (GPEA).

The first cargo is approximately 150,000 barrels of Wastani condensate and was loaded on 15 April 2017. The buyer has issued a letter of credit and payment amounting US$ 7.2 million will be made to Dana Gas directly in USD. The cargo is the first to be directly exported by Dana Gas under the GPEA signed with the Egyptian government in August 2014. The cash proceeds generated from the Government’s share of the incremental condensate sales will be used to start paying-down the outstanding receivables owed to Dana Gas by the Egyptian Government.

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

“We are pleased to have sold our first international cargo under the GPEA agreement. It was a landmark win-win deal at the time and importantly the mechanism is shown to be working. We can now continue to directly sell and export condensate cargoes internationally. By maintaining our production rate of roughly 40,000 barrels of oil equivalent per day, we expect to sell three additional cargoes in the next 12 months.

“The cash proceeds of US$ 7.2 million will be offset against our overdue receivables, which stand at $289 million. However, collections of our overdue receivables in general remain well below our expectations. We are yet to receive a significant payment this year. We continue to engage with various government entities and we hope that the Egyptian Government will resolve the situation favourably in the near future.”

In the first quarter 2017, collections in Egypt were $13 million, representing 52% of total billings. Total receivable balance increased to $289 million from $265 million as of 31 December 2016. In Kurdistan, collections were $31 million, representing just over 100% of total billings. Total receivable balance remains at $713 million.

—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 produvtion of 67,050 boed in 2016. 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

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