Highlights – FY 2025
Sharjah, UAE; 6 February 2025: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its un-audited preliminary financial results for the full year ended 31 December 2025.
The Company reported Net Profit for the full year 2025 of AED 476 million ($130m) as compared to AED 553 million ($151m) in FY 2024.
Revenue for the full year 2025 was AED 1.28 billion ($348m) compared with FY 2024, which included a one-off $46 million uplift arising from the higher gas price agreed under the Concession Consolidation Agreement. Excluding this one-time adjustment, the like-for-like decline in full year 2025 reflects lower production in Egypt due to natural field declines and a softer realized price environment, with average Brent prices of $69 per barrel in 2025 compared to $81 per barrel in 2024.
2025 marked a major operational milestone for Dana Gas, with the long-anticipated completion of the KM250 gas expansion project at Khor Mor in October 2025, alongside continued execution of the Company’s investment programme in Egypt. These efforts drove a significant increase in group production, with output reaching 70,000 barrels of oil equivalent per day (boepd) in January 2026, post-period, the highest level since 2018.
Following the completion of KM250, gas production capacity at Khor Mor has increased to 750 MMscf/d, with current output having reached levels of over 700 MMscf/d during peak demand periods. Actual production volumes continue to reflect seasonal demand patterns until the commissioning of the Khor Mor common-user pipeline, expected in the second half of 2026, which will enable sustained operations at full capacity.
On a group basis, production is expected to increase up to 75,000 boepd once the pipeline is operational, reflecting higher utilisation across gas, condensate, and LPG output. When operating at full capacity, the KM250 expansion is expected to boost the Company’s annual revenue by over 35%, with financial impact beginning from the first quarter of 2026 and building throughout the year.
Richard Hall, CEO of Dana Gas, commented:
“2025 was a huge year for Dana Gas. We delivered on priorities that had been outstanding for some time, most notably bringing the long-awaited KM250 expansion project over the line and into operation. That achievement alone marks a positive pivotal momentum for the Company and reflects the hands-on, execution-focused approach we took throughout the year.
“At the same time, we made real progress in Egypt. We restarted investment under improved fiscal terms, drilled new wells, made discoveries, and began to stabilise production in assets that had been in natural decline. This was about putting Egypt back on a growth footing, and we are encouraged by the results to date.
“Looking ahead, we are enthusiastic about Chemchemal as our next medium-term growth driver and with gas sales agreements in place, the project is well positioned to progress toward execution.
“Taken together, 2025 was a year of delivery, and 2026 will be a year of realisation as new production comes fully on stream. This strengthening of production profile, combined with structural demand for gas in both our core markets, gives us clear visibility on growth and cash generation. This will allow the Company’s board of directors to consider a recommendation for a dividend at their next meeting in March.”
Kurdistan Region of Iraq
In the KRI, Dana Gas and its partners successfully completed and commissioned the KM250 gas expansion project at Khor Mor in October 2025, eight months ahead of the revised schedule. The project added 250 MMscf/d of new gas processing capacity, increasing total installed capacity at the facility by 50% to 750 MMscf/d.
In January 2026, gas production at Khor Mor was ramped up to over 700 MMscf/d, contributing an additional 15,000 boepd to the Company’s net production in the KRI. Production continues to increase through a phased ramp-up as infrastructure comes fully online.
Looking ahead, the Company’s next phase of growth in the KRI centers on the Chemchemal field. During 2025, Pearl Petroleum committed $160 million to appraisal and early development, and in January 2026 signed long-term gas sales agreements to supply up to 142 MMscf/d to six industrial customers in the KRI.
Egypt
In Egypt, Dana Gas continued to execute its $100 million investment programme under the Consolidated Concession Agreement signed in late 2024. During FY 2025, the Company drilled four wells and completed a workover programme across three additional wells, adding approximately 30 MMscf/d of new production and 36 Bcf of reserves.
Average production in Egypt declined during the year due to natural field declines, consistent with the characteristics of mature Nile Delta reservoirs. However, the successful drilling and recompletion activities carried out during the year, together with further planned wells in 2026, are expected to stabilise production and restore growth over time. Dana Gas plans to drill a further seven wells in Egypt during 2026 under the programme, with the first of these, the Daffodil exploration well, spudded in January 2026.
In December 2025, the Company received a AED 183 million ($50m) payment from the Egyptian Government, significantly reducing overdue receivables. The payment supports the ongoing drilling programme under the Consolidated Concession Agreement and reinforces the improved fiscal framework underpinning renewed upstream investment in Egypt.
Operations & Production
Group production for FY 2025 averaged 53,500 barrels of oil equivalent per day, compared to 56,500 boepd in FY 2024. KRI production averaged 40,900 boepd, an increase of 2%, supported by consistent demand from local power generation and driven by higher gas output from the Khor Mor field.
In Egypt, production declined by 23% to 12,600 boepd from 16,450 boepd in FY 2024, primarily due to natural field declines. The investment programme is expected to reverse the current decline and restore growth in 2026.
Liquidity
As of 31 December 2025, Dana Gas’s consolidated cash balance stood at AED 788 million ($215m), including AED 392 million ($107m) held at the Pearl Petroleum level.
Total collections during FY 2025 amounted to AED 1.1 billion ($303m), reflecting continued engagement with host governments and improved payment mechanisms. This comprised AED 748 million ($204m) from the KRI and AED 363 million ($99m) from Egypt. Receivables stood at AED 139 million ($38m) in Egypt and AED 293 million ($80m) in the KRI.
The Company maintained a disciplined approach to capital allocation and cost control during the year, preserving balance sheet strength while funding growth investments across its core assets.
—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 52,000 boepd in 2025. 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
Dana Gas and Crescent Petroleum Sign Gas Sales Agreements to Supply 142 MMscf/d from Chemchemal Field
Sharjah, UAE; 26 January 2026 — Dana Gas PJSC, the Middle East’s leading publicly listed regional natural gas company, and Crescent Petroleum, the oldest private oil & gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced a series of long-term Gas Sales Agreements (GSAs) to supply substantial volumes of clean-burning natural gas from the Chemchemal field to major industrial consumers in the Kurdistan Region of Iraq (KRI).
Under the agreements, industrial customers in cement and steel will collectively purchase up to 142 million standard cubic feet per day (MMscf/d) of gas for a period of 10 years, beginning in the second half of 2027 when production from the Chemchemal field is scheduled to commence. The Chemchemal field, is currently under development and new pipelines are to be built by private-sector companies to supply gas to industrial users in Erbil and Bazian, including a dedicated 40-kilometer pipeline linking the Chemchemal field directly to industrial consumers in the Bazian area.
The GSAs were signed with Mass Cement, Bazian Cement, Delta Cement, Gasin Cement, and Sulaimani Cement, all located in the Bazian industrial area of Sulaymaniyah province, as well as with Van Steel Company in Erbil governorate in the KRI.
In early 2025, the Pearl Petroleum partners announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production from the field. Building on the immense potential of the Chemchemal field the partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure to support a subsequent full-field development phase to expand gas supply to additional users.
Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said:
“These agreements mark a significant milestone in the development of the KRI’s energy infrastructure, delivering considerable supplies of clean burning natural gas to empower growth in the region’s industry and help displace the use of dirtier, more expensive heavy fuel oils. The milestone underscores the exciting new chapter for the Pearl Petroleum consortium, combining the recent completion of the KM-250 expansion project in October 2025, the appraisal and development of the Chemchemal Field, and other development plans that will considerably enhance the energy sector and economy of the Kurdistan Region and the rest of Iraq.”
Richard Hall, Chief Executive Officer, Dana Gas, said: “This agreement supports the growing energy needs of the Kurdistan Region of Iraq and strengthens the role of natural gas as a fuel source for its industrial base. By supplying competitive, lower-emission gas to the Bazian industrial corridor, we are helping replace polluting heavy fuel oil, reduce emissions and improve energy efficiency for key industries.”
“Beyond energy supply, this agreement supports industrial growth, local employment and long-term economic activity in the communities surrounding the Bazian corridor.”
In early October 2025, Dana Gas and Crescent Petroleum successfully completed the Khor Mor 250 (KM250) gas expansion project in the KRI, eight months ahead of the revised schedule. This added 250 MMscf/d of new gas processing capacity, alongside additional daily LPG and condensate output of 460 MTPD and 7,000 bbl, increasing total gas processing capacity to 750 MMscf/d, a 50% rise.
The Khor Mor gas plant provides the fuel for more than 80% of the KRI’s electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. That impact is projected to grow dramatically in coming years with the increased capacity and new projects.
–END–
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 52,000 boepd in 2025. 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
About Crescent Petroleum
Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 50 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq.
Headquartered in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private-sector natural gas company.
Contact:
Hassan M. Fattah
+971-06-507-0226
Sharjah, UAE; 19 January 2026: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its group production reached 70,000 barrels of oil equivalent per day (boepd) and has been sustained at that level throughout January. This represents a significant increase compared to the Company’s FY 2025 average production of 53,500 boepd across its principal operations in the Kurdistan Region of Iraq (KRI) and Egypt and is the highest production for the Company since 2018. This increase will benefit the company’s revenues and profitability starting from the first quarter of this year.
Production Increase
In the KRI, Dana Gas and its partners successfully completed the Khor Mor 250 (KM250) gas expansion project in October, eight months ahead of the revised schedule. The project added 250 MMscf/d of new gas processing capacity, alongside additional daily LPG and condensate output of 460 MTPD and 7,000 bbl, increasing daily production capacity to 750 MMscf of gas, 22,000 bbl of condensate and 1500 tons of LPG. In December Khor Mor gas production was ramped up from 500 MMscf/d to 700 MMscf/d adding an additional 15,000 boepd to the Company’s net production in the KRI.
Production at Khor Mor is being increased through a phased ramp-up as the Company progresses toward completion of the new pipeline, scheduled for the start of the third quarter 2026. Once operational, the pipeline is expected to enable the addition of a further 5,000 boepd, taking total group production beyond the 75,000 boepd level.
In Egypt, the Company drilled four wells and completed a workover programme across three additional wells during 2025. These activities resulted in an incremental production increase of 27 MMscf/d by year-end, alongside a material uplift in reserves. The Company plans to drill seven further wells in 2026, under the programme, with the next well – Daffodil– expected to spud in January. Additional assessments are also underway to identify additional rework candidates for 2026.
Richard Hall, CEO, Dana Gas, said: “Reaching a sustained 70,000 boepd represents an important operational milestone for the Company. This reflects disciplined execution across our portfolio, particularly the early delivery of the KM250 expansion in the KRI. It will also have a positive impact on our profitability starting with the first quarter financial results.
As production continues to ramp up in line with infrastructure availability, we expect group output to exceed 75,000 boepd once the new pipeline is completed in the second half of the year.”
–END–
About Dana Gas
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 55,000 boepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com
Communication & Investor Relations Contact
Mohammed Mubaideen
Head of Investor Relations and Corporate Communications
Sharjah, UAE; 5 January 2026: Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced that it has received a $50 million (AED 184 million) payment from the Egyptian Government, significantly reducing overdue receivables.
The payment supports the Company’s ongoing drilling programme under the Consolidation Agreement with the Egyptian Government, which was formally signed in December 2024. The agreement consolidated Dana Gas’s concessions in Egypt and provided improved fiscal terms to support new upstream investment, while also including additional acreage designated for exploration drilling.
Since the programme commenced, Dana Gas has drilled four wells, including the recent North El-Basant 1 discovery, which is estimated to hold 15 bcf of recoverable gas. These wells successfully added 18 mmscfd of production and a material increase in reserves. The Company plans to drill seven further wells under the programme in 2026, with the next – the Daffodil exploration well – expected to spud in January.
In parallel, Dana Gas has completed a workover programme across three wells, adding an additional 9 mmscfd of production. Further assessments are underway to identify additional workover candidates for 2026.
Richard Hall, CEO, Dana Gas, said: “We are grateful to the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company for their continued support. This latest payment, which will help fund our investment programme in Egypt, acknowledges the importance of timely payments to ensuring the successful delivery of our drilling programme.
Thanks to the robust support provided by the Egyptian government, our investment program is already yielding positive outcomes. We have successfully brought new gas production online, and additional wells are scheduled to follow. The programme not only enhances Dana Gas’s upstream position in Egypt, it also contributes directly to the national economy by supporting domestic gas supply and reducing the need for imports. With the right support in place, we’re well positioned to deliver the next phases of the programme and continue strengthening Egypt’s role as a regional gas hub.”
Dana Gas plans to deliver its 11-well investment programme in 2026, contributing over $1 billion in economic savings by displacing imported LNG and mazut with domestic production.
–END–
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 52,000 boepd in 2025. 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