Dana Gas makes $92m profit in half year 2013

Also $27m profit in first quarter of this year

NEWS, Business, Dana Gas

Dana Gas made a net profit of AED341M ($92.8m and AED100m ($27m) respectively for the six months and quarter ending 30 June 2013.

Average overall production volumes were up 5% to 61,700 barrels of oil equivalent per day (boepd) in Q2 and up 1% to 61,500 boepd in H1 2013. In Egypt, Dana Gas recently achieved a record production of 39,000 boepd, a 13% increase on the 2012 average production.

Furthermore, LPG sales have recommenced in Kurdistan on the 17 July, energy prices having rebounded in July and monetary support is being provided for in Egypt. H1 2013 revenue and gross profit was AED 1,085 million and AED 506 million. Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) was AED 616 million compared to AED 822 million in the same period last year. In Q2 2013 revenues and gross profit was AED 528 million and AED 232 million.

Commenting on the results, Dr. Adel AlSabeeh, chairman of Dana Gas, said: “One of our principal strategies in the first half of 2013 was to concentrate on extracting higher production volumes with limited capital investment. I am pleased to announce that our group production numbers have increased 5% in the quarter and now average 61,700 barrels of oil equivalent per day (boepd). We also achieved a record average production number in Egypt of 39,000 boepd in July. These are excellent production figures and demonstrate the high quality of assets we have in our portfolio.

“As LPG sales resume, energy prices rebound, production volumes continue to remain high, and the Egyptian economic situation stabilizes as government authorities continue to work with the international financial community to address investors’ concerns, collectively these will support our main growth strategies going forward.”

Rashid Al Jarwan acting CEO of Dana Gas, added: “Good progress is being made on our drilling programme in Egypt. We discovered hydrocarbons in a new well, Begonia 1, and successfully brought production online from two previously discovered wells, Allium and West Sama. In Kurdistan, we have completed the reconstruction of the loading bay which will enable resumption of LPG and enhance revenue. Furthermore, the appointment of Dr Patrick Allman- Ward as new CEO will bring experience, knowledge and hands-on experience in Egypt, which will benefit Dana Gas immensely as it focuses on its next stage of growth.”

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