Dana Gas eyes sale of 'substantially developed' Egypt oil and gas assets
The potential sale will help Dana Gas focus on the development of its “largely undeveloped” oil and gas resources in Iraq
Sharjah-headquartered and Abu Dhabi Securities Exchange-listed Dana Gas has appointed financial advisors to review its “substantially developed” oil and gas assets in Egypt for sale, with the company stating in a bourse missive that it would focus on the further development of its “largely undeveloped” oil and gas resources in the Kurdistan region of Iraq.
The company said the potential sale process was "still at its early stages”.
Dana Gas has a share of 4.4 trillion ft3 of gas, 136 million barrels of condensate, 13.3 million metric tonnes (t) of liquefied petroleum gas, and 18 million barrels of oil in Kurdistan’s Khor Mor and Chemchemal 2P reserves, according to Gaffney Cline Associates.
Earlier this week, the company said it had abandoned drilling work on Egypt’s Merak-1 offshore deepwater well, located 755m-deep at Egypt's North El Arish (Block 6) concession, as it did not encounter commercial hydrocarbons during the programme.