Dana Gas' H1 2021 revenue from the Kurdistan Region of Iraq (KRI) and Egypt grew 106 percent year over year to $185 million (AED678 million), the highest level in more than five years.
Dana Gas, which owns a 35 percent investment in Pearl Petroleum, saw its share of condensate, LPG, and gas sales in the KRI increase by 85 percent to $87 million in the first half of 2021, compared to $47 million the previous year.
The company received cash dividends of $48.3 million from Pearl Petroleum over this period. For the same period, the Dana Gas share of Pearl Revenue was $87 million, EBITDA $74 million, Net Income $57.4 million, Cash Balances $61 million and Gross Debt $93 million. The company share of total KM 250 expansion CAPEX is $220 million, which will be funded at the Pearl level. Dana Gas share of Pearl Petroleum production for the first half 2021 averaged 150 MMscf/d of gas, 5,250 bbls/d condensate and 350 MT/d of LPG.
Dana Gas got $98 million in Egypt during the first half of 2021, compared to $43 million in the same time of 2020, a 128 percent increase.
Dr Patrick Allman-Ward, CEO of Dana Gas, said: “This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices. The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments. This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2 2023. In Egypt, we continue to work diligently to maintain production and to prepare for drilling our exciting exploration well in our offshore Block 6 Concession Area which holds material potential of over 20 tcf of gas resources.”