24 December 2013
Sharjah
Dana Gas, the Middle East’s leading regional private sector natural gas Company, announced today that it has received from the Egyptian Government authorities the payment of AED 194 million (US$ 53 million) from the current total outstanding receivables of AED 1,210 million (US$ 330 million). Payment of $ 42 million has been received in US dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013, Dana Gas has received a total of AED 476 million (US$ 130 million) from the Egyptian Government authorities. The Egyptian Government has committed to work with the Company on a plan to repay the remainder of the outstanding receivables over an agreed time frame.
Whilst Dana Gas has had on-going discussions with the Egyptian authorities to resolve the issue of outstanding payments, it has also been able to increase production for the benefit of the Egyptian economy and its people. Dana Gas Egypt’s gas, LPG, condensate and crude oil production averaged 39,350 boepd in Q3 2013, a significant increase of 29% over the Q3 2012 average production. During Q3 2013, the Company also announced that it reached a record production level of 41,500 barrels of oil equivalent per day “boepd” (including over 8,000 barrels per day of associated liquids).
Dana Gas sponsored and participated in the “GCC-Egyptian Investment Forum” held in Cairo on 4-5th December 2013, co-hosted by the Egyptian Ministry of Investment and the UAE Government. Following this occasion, Dana Gas was honoured to receive a certificate of appreciation from the UAE Ministry of Foreign Affairs.
Patrick Allman-Ward, Chief Executive Officer of Dana Gas, said: “We would like to thank the Egyptian Government for making this payment. We are working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward. An early resolution in this regard will encourage new investments in the Oil & Gas sector in Egypt leading to higher domestic production”.
Dana Gas is among the most active oil and gas companies and is the 6th largest gas producer in Egypt. The Company has invested around US$ 2 billion in Egypt, making it the GCC’s largest investor in the oil & gas sector in the country. The Company has a successful track record of gas discoveries in Egypt over the last six year and in June 2013, announced its 25th discovery in the Nile Delta. Around 1000 staff and associates are actively engaged in ensuring safe and stable operations in Egypt, both at the Dana Gas operations and in WASCO, its joint venture operating company with the Egyptian General Petroleum Corporation (EGPC).
The Company is expecting to bring online production from Salma rich gas wells shortly. Starting 2007, the cumulative gross production of Dana Gas in Egypt to date is around 90 million barrels of oil equivalent and this has generated direct incremental value of US$ 4 billion for the Egyptian economy. The Company is committed towards investing in Egypt, and grow with the context of the promising oil & gas opportunities in Egypt, which has over 70 TCF proven gas reserves and a large domestic market.
Sharjah
Dec 15 2014
Dana Gas PJSC has been asked to keep the market updated with regard to the international arbitration case it filed in October 2013 along with Crescent Petroleum and Pearl Petroleum Company Limited (‘the Consortium’) before the London Court of International Arbitration (‘LCIA’) in order to obtain confirmation of the Consortium’s rights under its contract with the Kurdistan Regional Government of Iraq (KRG), which was signed in April 2007 and is governed by English law (‘the Contract’):
The LCIA Tribunal recently ordered the KRG to pay the Consortium US$100 million within a timeframe of 30 days by way of a second interim order. In default of its legal obligations, the KRG failed to make payment by the stipulated deadline of 17th November 2014 and as a consequence, the Tribunal’s order became peremptory in nature, enabling its enforcement by the English Court. With the Tribunal’s permission, on 12th December 2014, an application to the English Court has been made for enforcement of the order, with the prospect of sanctions being imposed on the KRG for non-compliance.
In addition to these interim measures ordered by the Tribunal, Dana Gas and its Consortium partners continue to pursue multi-billion dollar claims in the arbitration against the KRG for breach of contractual commitments, which will be determined in a final liability hearing that has been ordered by the Tribunal to take place the week of 20th April 2015.
Dana Gas and its Consortium partners reiterate their continued commitment to the Contract, the Kurdistan Region and all of Iraq, and sincerely hope that all outstanding contractual matters with the KRG be resolved, amicably and in good faith in the shortest possible time, within the contractual framework. This will in turn enable the full and proper development of the Khor Mor and Chemchemal fields as envisaged by the Contract, for the benefit of the people of the Kurdistan Region and all of Iraq. In the meantime Dana Gas and its Consortium partners continue to produce an average of over 80,000 barrels of oil equivalent (boe) per day, including 320 million cubic feet per day of gas that enables affordable electrical power generation in the Kurdistan Region.
Dana Gas and its Consortium partners are proud to be the largest oil and gas sector investors and cumulative producers in the Kurdistan Region of Iraq. To date, they have invested over US$ 1.2 billion in the Kurdistan Region and produced approximately 130 million boe of natural gas and petroleum liquids over the past six years, thereby enabling electricity provision and an economic and social transformation for the Kurdistan Region and its people.
Kurdistan Arbitration Update – High Court of England ruling
Dana Gas PJSC today updates the market in regards to the international arbitration case it filed in October 2013, along with Crescent Petroleum and Pearl Petroleum Company Limited (together the ‘Consortium’), before the London Court of International Arbitration (‘LCIA’).
As previously disclosed on 15 December 2014, the LCIA Tribunal on the 17 October 2014 ordered the KRG to pay the Consortium US$100 million within a timeframe of 30 days by way of a second interim order. In default of the Tribunal’s Order, the KRG failed to make payment by the stipulated deadline of 17 November 2014 and therefore, the Tribunal’s order became peremptory in nature, enabling its enforcement by the High Court of England.
With the Tribunal’s permission, on 12th December 2014, an application to the High Court was made for enforcement of the order.
The Peremptory Order was heard in the High Court on 28-29 October 2015. Following this, on 20 November 2015, the High Court handed down its decision to enforce the LCIA Arbitral Tribunal’s Peremptory Order of 17 October 2014 to pay the Consortium US$100 Million (AED 367 million) within 14 days.
The process and judgment from the English High Court is in parallel to but separate from the main arbitration process before the LCIA Tribunal.
12 November 2014
Sharjah
Dana Gas, the Middle East’s leading regional private sector natural gas company is pleased to announce its consolidated financial results for the nine months and third quarter period ended 30 September 2014.
In the nine month period ended 30 September 2014, Dana Gas reported a 16% increase in revenue to $541 million as compared to $466 million the previous year. Net profit in the nine month period of 2014 was also high at $129 million as compared to $121 million for 9M 2013. Profit from operations was higher by 57% to $129 million as compared to $ 82 million that was achieved in 9M 2013, if a one-off gain of $39 million following the partial sale of MOL shares in 1H 2013 is excluded. Production was up 11% at 70,500 barrels of oil equivalent per day (boepd) as compared to the average daily production of 63,400 boepd achieved in 9M 2013.
The Company posted robust third quarter revenue of $174 million (3Q 2013 $170 million) and gross profits of $79 million (Q3 2013: $71 million). Net profits were up 36% to $38 million (3Q 2013: $28 million) underpinned by an increase in production and a strong focus on cost discipline. Production during the third quarter increased by 3% to reach 68,700 boepd compared to 66,850 boepd in Q3 2013.
Operationally, the third quarter saw the Company sign two major agreements in Egypt and took a significant step forward in restarting income generation in the Kurdistan of Iraq (KRI) through local sales of liquid products.
The Gas Production Enhancement Agreement was signed in September 2014 with the Egyptian Government. This agreement commits Dana Gas Egypt to a seven year work programme whereby the Company keeps the proceeds from incremental liquid sales which will be used to pay down receivables. Also in Egypt, two new blocks – Block 1 and 3 onshore Nile Delta – were awarded as part of an EGAS bid round conducted earlier in the year.
Cash from operations and cash collections improved during 3Q 2014, as the Company received a total of $71 million during the quarter. The Company’s cash collection in Egypt was $53 million, out of which $36 million was in local Egyptian Pounds earmarked to settle overdue payables to service providers to its Egypt operations and $11 million is ring-fenced towards funding for the previously announced GPEA in Egypt, wherein it was agreed that the money received would be reinvested into this project in Egypt going forward.
In relation to its Kurdistan operations, the Company received a cash advance amounting to $18 million as part of its 40% share in PPCL in the Kurdistan Region of Iraq.
Dr Patrick Allman-Ward, CEO of Dana Gas, commented: “Our continuous focus on operational excellence and cost discipline is paying off resulting in significantly improved net profits for the quarter and year to date. We have made good progress in restarting cash flow in KRI through the initiation of local sales of liquid products. Our operations have continued uninterrupted despite the ongoing security situation in Iraq. We remain fully committed to Egypt and are very pleased to have found a win-win solution for all parties through the Gas Production Enhancement Agreement which commits the Company to making significant new investments which will result in higher production for the country and allows Dana Gas to recover outstanding receivables within a defined period of time.”
EGYPT
Operations
Dana Gas signed the Gas Production Enhancement Agreement (GPEA) on 30 September 2014 with the Egyptian government, ensuring the Company long-term production growth and a significant reduction in receivables. The GPE has committed Dana Gas to a staged work programme over a seven year period with drilling expected to start in the first quarter of 2015. This will result in increased liquid volumes which will be monetised in accordance with the GPE agreement. As part of the work programme commitment, Dana Gas will drill over 20 new development wells and conduct a similar number of work-overs of existing wells. The estimated incremental production during the period will be approximately 270 billion cubic feet of natural gas, 8 to 9 million barrels of condensate and around 450,000 tons of LPG. Peak production is expected in 2017 with incremental daily production of approximately 160 mmscfd gas and 5,600 barrels of condensate. In return for the Company’s work programme commitment, financial proceeds from the direct sale of all of the incremental condensate in international markets at international prices will be retained by Dana Gas and will be used to reduce its outstanding receivables balance. Under the agreement it is envisaged that outstanding receivables from the government, will reduce to nominal levels by 2018. In addition, Dana Gas expects that it will receive payments from the Government as part of its ongoing strategy of paying down overdue receivables due to the oil and gas industry in the country.
In late September, Dana Gas reinforced its presence in the Nile Delta by successfully bidding for onshore Blocks 1 and 3 as part of the 2014 EGAS bid round. Under the terms of the agreement, Dana Gas holds 100% of Block 1 and 50% working interest alongside BP in Block 3. The joint-venture partnership with BP on Block 3 affords Dana Gas a partner with a strong track record of exploration and production in Egypt. An additional positive commercial consideration is that the two blocks are located adjacent to Dana Gas’s existing development leases thus allowing for potential leveraging of the existing infrastructure in case of potential discoveries.
Production
In the third quarter, the Company produced an average 40,500 boepd, marginally higher than 39,350 boepd in 3Q 2013. Production is expected to stabilise over the remainder of the year. The GPEA work programme is expected to commence in early 2015, allowing the Company to resume its production growth up to 2017.
KURDISTAN REGION OF IRAQ
Operations
Pearl Petroleum Company Limited (PPCL), the consortium company of which Dana Gas has a 40% share, commenced direct, local sale of condensate and LPG in September 2014. The Company received its share in the form of $18 million cash advance against future product deliveries. This represents a step forward in restoring income generation in KRI.
Production
Dana Gas’s share of gross production in the KRI for the third quarter was 27,700 boepd as compared to 27,100 boepd in Q3 2013.
UAE
Operations
The Company recently announced that it has secured $100 million Term Facility for the Zora Field Development Project. The facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream in 1H 2015. The field is expected to provide a production of 40 mmscfd (6,650 barrels of oil equivalent per day). The gas will be transported via a subsea pipeline to an onshore gas processing facility located in Hamriyah Freezone in Sharjah.
LIQUIDITY AND FINANCIAL RESOURCES
On a year to date basis, the Company has collected a total of $ 99million in cash. The Company’s receivables, however, were positively impacted by $46 million which was set off against the North Al Arish Offshore Block 6 signature bonus and liabilities due to other Government owned contractors in Egypt.
As part of its liquidity management, Dana Gas also completed a sale of 350,000 shares i.e. around 25% of sell-down of its equity holding in MOL and realised gross proceeds of $18 million in October 2014.
The Company’s outstanding receivables, as of 30 September 2014, are $276 million in Egypt and $712 million in the KRI.
During the period from 1 January 2014 to 30 September 2014, the Company received voluntary early conversion notices for the convertible sukuk amounting to USD 72,926,080. These conversions will result in sukuk profit saving of approximately $ 3 million in 2014.
THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY
23 October 2014
Sharjah, UAE
Dana Gas PJSC has received a total of US$ 83 million (AED 307 million) in collections in the last few weeks. The Company received US$ 47 million (AED 174 million) against its receivables in Egypt, US$36 million of which is in local Egyptian Pounds earmarked to settle overdue payables to service providers to its Egyptian operations. The balance of US$11 million is ring-fenced towards funding for the previously announced Gas Production Enhancement Agreement in Egypt wherein it was agreed that the money received would be reinvested into this project in Egypt going forward.
In relation to its Kurdistan operations, Dana Gas has received a cash advance amounting to US$ 18 million (AED 66.6 million) as part of its 40% share in the Pearl Petroleum Joint Venture (PPCL) in the Kurdistan Region of Iraq. This is the result of the commencement of direct, domestic sales of condensate and LPG by PPCL and represents a cash advance guarantee against future product deliveries.
As part of its liquidity management, Dana Gas also completed a 25% sell-down of its remaining equity holding in MOL and realised gross proceeds of US$18 million (AED 66.6 million).
2nd October 2014
Sharjah,
Dana Gas, the Middle East’s leading regional private sector natural gas company, is pleased to announce that its wholly owned subsidiary, Dana Gas Egypt, has been awarded the North El Salhiya (Block 1) and El Matariya (Block 3) onshore Concessions in the Nile Delta as part of the 2014 EGAS bidding round held recently in Egypt. The awards are subject to the execution of Concession Agreements, which is expected to take place in the coming weeks.
The Company will operate the Block 1 Concession Area on a 100% basis. It is expected that exploration success and future production from conventional gas reservoirs in the Block, utilizing Dana Gas Egypt’s existing infrastructure, has the potential to extend the Company’s highly successful gas production business onshore the Nile Delta.
Dana Gas Egypt will participate in the Block 3 Concession Area on a 50% basis with BP as partner and operator. BP and Dana Gas are in discussion on the terms for funding an exploration well and for possible joint participation in some of Dana Gas’s adjacent Development Leases.
Dr. Patrick Allman-Ward, CEO, Dana Gas, said: “We are extremely pleased to have been awarded these two new blocks. The area is particularly well known to Dana Gas, given its long-term commitment to the Nile Delta. We believe there is significant upside potential from continued exploration and development in these concessions. We are delighted to be partnering with BP, a leader in deep well drilling in the Nile Delta. This will allow us to carry out a challenging work program with a proven partner and reaffirms our confidence in the potential of our assets.”
The two blocks are located adjacent to the Company’s existing Development Leases. Together with BP, Dana Gas will look to explore the multi-TCF Hydro Carbone potential of the Oligocene reservoirs that have proven successful to date in offshore Egypt blocks. The two blocks have a 6-year exploration period, comprised of two phases of 3 years each. A 20-year development lease period will be granted to each block, based on approved commercial discovery. The two concessions, which cover 1,527 km² and 960 km² respectively, were awarded as part of the EGAS international bid round held in August 2014. Ratification of the two new concessions is expected to take place following the completion of the necessary approvals.
About Dana Gas, Egypt
Dana Gas Egypt is currently the sixth largest gas producer in Egypt and has over 900 Egyptian staff. The Company owns a 100% interest in thirteen Development Leases onshore the Nile Delta which it operates through the El Wastani Petroleum Company (Wasco), Dana Gas’ joint-venture company with EGAS and EGPC. Over the last seven years, the Company has invested in excess of $1.8 billion in exploration, development and production in Egypt. To date, Dana Gas Egypt has made 25 discoveries, and has produced over 100 million BOE accumulatively.
30 September, 2014
Sharjah,
Dana Gas’ wholly-owned subsidiary, Dana Gas Egypt, has concluded a Gas Production Enhancement Agreement (GPEA) with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Company (EGPC). This landmark agreement forms the basis for an important development program to eventually increase production from current levels of over 40,000 BOEPD from the Company’s Development Leases in the Nile Delta. The agreement was announced at a press conference in Cairo with HE Sharif Ismail, Egyptian Petroleum Minister, and the Chairman of EGAS Eng. Khalid Al-Badie, and attended by the Vice-Chairman of Dana Gas Dr. Tawfeeq Al-Moayed, members of the Dana Gas Board Mr. Hamid Jafar, Mr. Majid Jafar, Mr. Rashid Al-Jarwan and CEO of Dana Gas Dr. Patrick Allman Ward as well as the senior management of Dana Gas Egypt led by General Manager Mark Fenton. Further, Dana Gas Egypt has reached a notable milestone having produced 100 million barrels of oil equivalent in Egypt since it started operations in 2007.
Under the GPEA Dana Gas Egypt will undertake a long term staged work program over a seven year period with project work expected to start in the next few months and first export sales of incremental volumes of condensate following the completion of tie-in activities. As part of its work program, Dana Gas Egypt plans to drill 37 new wells and carry out an equivalent number of work-overs of existing wells. Estimated incremental production during the period will be approximately 270 Billion cubic feet of natural gas, 8 to 9 million barrels of condensate and around 450,000 tons of LPG. Peak production is expected to occur in 2017 with incremental daily production of approximately 160 MMscf gas and 5,600 barrels of condensate.
The GPEA project’s capital investment is planned to be funded by a combination of internally generated funds from Dana Gas Egypt’s operations and project financing.
In addition to enhancing the value of Dana Gas Egypt’s assets into which all of the Company’s GPEA revenues will be dedicated, the GPEA generated revenues will eventually allow reduction of the Company’s Egyptian outstanding receivables of $280 million to nominal levels by 2018, from the proceeds of direct sales of all of the incremental condensate at international market prices.
Dr. Patrick Allman-Ward, CEO of Dana Gas, said: “We are delighted to announce this Gas Production Enhancement Agreement with the Egyptian Government, which is a significant milestone for Dana Gas in Egypt. We believe this to be a great example of public-private partnership in action that will generate significant value to Egypt as the increased production delivers much needed gas to domestic markets. It will also enable us to recover the overdue receivables due to us, unlock the substantial value of Dana Gas’ current Egyptian assets and deliver maximum value to our shareholders in the long term. I would like to recognize the support of the UAE Government and the Egypt Task Force in bringing this Agreement to a successful conclusion. I am also pleased to announce that Dana Gas has just produced its 100th million barrel of oil equivalent in Egypt since it started operations in 2007. This reflects Dana Gas’ long term commitment to the development of Egypt’s energy resources.”
About Dana Gas, Egypt
Dana Gas Egypt is currently the sixth largest gas producer in Egypt and has over 900 Egyptian staff. The Company owns a 100% interest in thirteen Development Leases onshore the Nile Delta which it operates through the El Wastani Petroleum Company (Wasco), Dana Gas’ joint-venture company with EGAS and EGPC. Over the last seven years, the Company has invested in excess of $1.8 billion in exploration, development and production in Egypt. To date, Dana Gas Egypt has made 25 discoveries.
9 September 2014,
Sharjah
Dana Gas, the Middle East’s leading regional private sector natural gas Company, is pleased to announce that it has secured, through its wholly owned subsidiary Dana Gas Explorations FZE, a US$ 100 million Term Facility for the Zora Field Development Project. This facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream.
The credit facility, with Emirates Bank NBD Capital Limited as Initial Mandated Lead Arranger, Bookrunner and Coordinator, will be provided by the following syndicated banks in their role as “Mandated Lead Arranger and Joint Bookrunners”, Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank. Emirates NBD Bank will also act as the Global Facility Agent, Term Facility Agent, Security Agent and Account Bank while Barwa Bank will act as the Murabaha Investment Agent for the Shariah tranche of this loan.
The repayment for the Term Facility is over a period of 15 quarterly investments and will commence in 2H 2015 on completion of the project and gas production goes on stream, subject to a cash sweep mechanism. The Term Facility is currently scheduled to mature on 30 November 2018. As of 30th June 2014, Dana Gas has spent approximately US$ 49 million as part of the equity financing for the project.
Dr. Patrick Allman-Ward, Chief Executive Officer of Dana Gas said: “This financing agreement demonstrates the confidence leading banks and financers have towards the Zora project. The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015. Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the UAE.”
The Zora Gas Field, which spans the territorial waters of Sharjah and Ajman, comprises a tilted fault block structure with a closure of some 25 km2. Once on-stream, Zora will provide an additional source of gas for local power generation in the northern Emirates with an expected production capacity of 40 mmscfd (6,650 boepd).
THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY
Sharjah,
Sunday, 10th August 2014
Pursuant to its public disclosure regulatory requirements, Dana Gas PJSC would like to update the market in relation to the Gas Sales & Purchase Contract between its partner Crescent Petroleum and the National Iranian Oil Company (NIOC) for the supply of gas to the UAE, which has been the subject of international arbitration since June 2009.
Dana Gas has been notified by Crescent Petroleum that the Arbitration Tribunal has issued a Final Award for the merits phase of the proceedings, determining that the 25-year Contract between it and NIOC is valid and binding upon the parties, and that NIOC has been obligated to deliver gas under the Contract since December 2005. Crescent Petroleum also expressed its hope that all matters can now be amicably resolved through constructive discussions with NIOC.
Dana Gas is pleased about this outcome and will continue to keep the market informed of further updates.
DANA GAS is pleased to invite you to participate in the 2Q 2014 Financial Results Conference Call on Wednesday 6th August 2014
15:00 UAE // 14:00 KSA // 12:00 London // 07:00 New York
The call will start at 15:00 UAE local time and will be hosted by:
– Dr. Patrick Allman-Ward – CEO and the management team
Dial-in Details
International standard dial-in: +44-208-515-2301
UAE: 0800-358-5271 (Toll free)
US: +1-877-941-0844 (Toll free)
UK: 0800-358-5271 (Toll free)
Saudi: 800-844-1268 (Toll free)
Conference Code: 4691330
(Please call in 5 minutes prior to the start of the call to give your name to the operator)
In addition, the presentation will be available on-line, please click on the following link to access:
http://w.on24.com/r.htm?e=826466&s=1&k=8CE9DC65ACC64083AABF430907FF7B2B (Audience members may gain access to the event 15 minutes prior to start time.)
The presentation and the call script will also be available on Dana Gas website: www.danagas.com
A replay of the conference will be available following the call
To access:
UK Local: +44 207 154 2833
UK Toll Free: 0800 358 3474
US Local: +1 303 590 3030
US Toll Free: +1 800 406 7325
Dial Conference ID: 4691330#
Available until 31July 2014
Please e-mail: investor.relations@danagas.com with any questions
6 August 2014
Sharjah
Dana Gas, the Middle East’s largest regional private sector natural gas company, today announced its financial results for the six months of 2014 and second quarter ended 30 June 2014.
In the second quarter of 2014, the Company reported a 70% jump in net profit to $ 46 million (AED 169 m) as compared to $ 27 million (AED 100 m) in 2Q 2013. The increase in revenue was due to increased production across the Group which increased by 17% on a year-on-year basis and higher realized hydrocarbon prices during the period.
During first half of 2014, profit from operations increased by 68% to $ 91 million (AED 333 m) as compared to $ 54 million (AED 198 m) in 1H 2013. This excludes the one-off gains of $ 39 million (AED 143 million) arising out of the partial sale of MOL shares in 1H 2013. Gross revenues and gross profit were $ 367 million (AED 1.35 bn) and $ 172 million (AED 630 m), 24% and 25% better than in 1H 2013. A combined increase in production in Egypt and resumption of LPG production in the Kurdistan Region of Iraq (KRI), along with higher energy prices and a reduction in cost of sales were the major contributors towards this rise in revenue and gross profit.
Average overall production volumes increased by 17% in 2Q 2014 to 72,200 barrels of oil equivalent per day (boepd) as compared to 61,700 boepd in the same period last year. Dana Gas Egypt experienced a continued upturn in average 2Q production to 42,950 boepd, a 25% increase vis-à-vis the 34,300 boepd achieved in 2Q 2013. In the Kurdistan Region of Iraq (KRI), the Company’s share of production in the second quarter was also higher by 7% to 28,800 boepd vis-à-vis 27,000 boepd in 2Q 2013.
Commenting on the results, Dr. Patrick Allman-Ward, Chief Executive Officer, said: “Dana Gas has continued to deliver impressive production growth and consistent operational and financial performance despite ongoing challenges in our key markets. This is the result of a business strategy that has focused on operational delivery whilst addressing the issue of unpaid receivables from our government clients and diversifying our business exposure. The focus on operational performance has seen us achieve better operating profits and margins, revenues and a 17% increase in production output in the second quarter. We continue to address and make progress on our overdue receivables. We continue to focus on diversification, and are progressing the development of the Zora field in the UAE and review other new business development opportunities.”
EGYPT
Average daily production in 2Q 2014 was 42,950 boepd. This represents an increase of 25% compared to the same period last year (2Q 2013: 34,300 boepd). Higher production was mainly driven by start-up of Salma/Tulip field and production optimization of other fields.
Dana Gas will continue to concentrate on its most commercial and long-term production growth opportunities in the Nile Delta and offshore Eastern Mediterranean.
KURDISTAN REGION OF IRAQ
Production
The Company saw its quarterly share of production (40%) in the Khor Mor Field increase to 28,800 boepd as compared to 27,000 in 2Q 2013, due to resumption of LPG production which has seen a full restoration of production capacity. However, LPG sales continue to be constrained by under-lifting on the part of the Kurdistan Regional Government (KRG).
Arbitration update
On 13 July 2014, Dana Gas announced that it had received an award of interim relief by the London Court of Arbitration relating to the case it has filed against the KRG along with Crescent Petroleum and Pearl Petroleum Company Limited (collectively referred to as ‘the Consortium’). In its decision, the Tribunal of the London Court of Arbitration ordered KRG to restore the previous regular payments to the companies as of 21 March 2014, the date of the application and until the case is concluded.
UAE
The work program for the development of the Zora Gas Field project continues to make good progress. The project will contribute to Dana Gas’ overall strategy of diversifying and rebalancing its portfolio and moving into growth markets within its focus region of the Middle East, North Africa and South Asia (MENASA).
The Company has awarded most of the contracts for the load out and installation of platform and topsides, the construction of the onshore gas plant, offshore pipeline installation and line pipe procurement. It plans to sign contracts imminently for drilling and well engineering operations, as well as onshore pipeline work. First gas production remains on track for 1H 2015 with an estimated output of 40 mmscfd (6,650 boepd).
SUKUK CONVERSIONS
The conversion period for convertible sukuk issued on 8 May 2013 commenced on 31 October 2013 which will expire 25 trading days prior to the scheduled redemption date of 31 October 2017. During this period sukuk holders have the right to convert all or part of the convertible sukuk into ordinary shares of the Company. During the period from 1 January 2014 to 30 June 2014, the Company has received voluntary early conversion notices for the convertible sukuk amounting to $ 73 million. Accordingly 357,094,708 ordinary shares calculated at a conversion price of AED 0.75 (nominal value of AED 1) are required to be delivered to satisfy the said voluntary early conversion notices. As of 30 June 2014, 349,749,708 ordinary shares were issued with the remaining 7,345,000 ordinary shares delivered on 16 July 2014.
LIQUIDITY AND FINANCIAL RESOURCES
In 1H 2014, the Company received $ 28 million (AED 103 m) in cash from the Egyptian Government and did not receive any payment from the KRG. Total receivables, as at 30 June 2014, stood at $ 955 million (AED 3.5 bn).
Egypt’s trade receivables stood at $ 297 million (AED 1.09 bn) following the offset of $ 41 million (AED 150 m) against the North Al Arish Offshore Block-6 signature bonus and amounts payable to government-owned contractors in Egypt.
Trade receivables from the KRI stood at $650 million (AED 2.38 bn) as at 30 June 2014, up from $ 515 million (AED 1.88 bn) on 31 December 2013.
Cash from operations and cash collections declined significantly on a year-on-year basis as no payment was received from the KRI (which has been the case since July 2013) and cash collections in Egypt were $ 28 million (AED 103 million). The Company’s cash balance declined 35% to $ 132 million (AED 484 m) by the end of June 2014 compared to $ 204 million (AED 748 m) on 31 December 2013.
The Cash balance in 2Q 2014 benefitted from the receipt of dividend from MOL ($ 4 million) and receipt of unclaimed acquisition funds relating Centurion acquisition made in 2007 ($ 3 million). The overall cash balance by end June was slightly higher than forecast as a result of re-phasing of capex in Egypt into 2H 2014 and later cash calls from the Sharjah Western Offshore (Zora) project.
Total assets as at 30 June 2014 increased slightly at $3.57 billion (AED 13.0 bn).
THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY
13 July 2014
Sharjah,
Further to its previous disclosure statements dated 22nd October 2013 and 2nd February 2014, Dana Gas wishes to update the market with regard to the international arbitration case it filed along with Crescent Petroleum and Pearl Petroleum Company Limited (‘the Consortium’) in relation to their long-term contract with the Kurdistan Regional Government of Iraq (‘KRG’). The companies have been successful in their application to the Tribunal for interim measures, and The Tribunal has made an order dated 10th July 2014 for the KRG to restore the previous regular payments to the companies as of 21st March 2014, the date of the application, and until the case is concluded.
The arbitration case was filed by the Consortium in London at the London Court of International Arbitration (“LCIA”) in October 2013 in order to obtain confirmation of the Consortium’s long-term contractual rights in its Contract with the KRG; including payment of outstanding receivables owed to it by the KRG for products delivered under the contract. In addition to the Tribunal’s Order for payments to resume, the Tribunal has also confirmed its jurisdiction to decide the case.
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. This will enable the full and proper development of the Khor Mor and Chemchemal fields, as envisaged in the Contract, for the benefit of the people of the Kurdistan Region and all of Iraq. In the meantime the companies continue to produce an average of over 80,000 barrels of oil equivalent (boe) per day, including over 300 million cubic feet per day of gas that enable affordable electrical power generation in the Kurdistan Region.
Dana Gas and its Consortium partners are proud to be the largest oil and gas sector investors and cumulative producers in the Kurdistan Region of Iraq. To date, they have invested over US$ 1.1 billion in the Kurdistan Region and produced approximately 120 million boe of natural gas and petroleum liquids, thereby facilitating affordable electricity generation and an economic and social transformation for the Kurdistan Region under the progressive policies of the KRG.
Sharjah
Jun 6 2014
Dana Gas’ operations in the Kurdistan Region of Iraq continue uninterrupted in light of recent events in Iraq.
All our facilities and people are safe and there have been no incidents affecting our operations.
Companies sponsor Trade UAE Iraq 2014 Forum – largest event of its kind to promote economic ties between the UAE and the Kurdistan Region of Iraq
10th June, 2014
Sharjah
Dana Gas, the region’s first regional private-sector natural gas company, and Crescent Petroleum, the oldest Middle East private oil and gas company are the lead sponsors and participants of an important UAE trade delegation to Erbil, capital of Iraq’s Kurdistan Region. “Trade UAE-Iraq” is being held from 9th to 12th June under the patronage of the UAE Ministry of Economy and the Kurdistan Regional Government (KRG) of Iraq, in partnership with the Abu Dhabi Department of Economic Development, Dubai Foreign Direct Investments, and Dubai Exports, and supported by the Dubai Chamber of Commerce and the Sharjah Chamber of Commerce.
The official UAE delegation, which was led by H.E. Abdullah Saleh, Undersecretary at the UAE Ministry of Economy, and included Mr. Rashid Al-Jarwan, Executive Director and Member of the Board of Dana Gas, and Mr. Abdulla Al-Qadi, Director of Exploration & Production at Crescent Petroleum, held high-level meetings with Ministers and senior officials of the KRG, and inaugurated the major trade exhibition and conference featuring more than 70 companies from the UAE and the Kurdistan Region of Iraq.
“We are proud to be sponsors and participants in this important trade visit, in partnership with the UAE Ministry of Economy and other organizations,” said Mr. Rashid Al-Jarwan, Executive Director and Member of the Board of Dana Gas. “We have been active in Kurdistan’s oil & gas industry since 2007 and have been the largest investors and employers in this important sector of the economy”, he added.
Dana Gas and Crescent Petroleum are the largest investors from the GCC in the Kurdistan Region of Iraq, having already invested over US$1.1 billion in major gas projects under contracts signed with the Kurdistan Regional Government (KRG) for the Khor Mor and Chemchemal fields. The companies have been producing gas and liquids continuously since October 2008, with total cumulative production already exceeding 115 million barrels of oil equivalent (mmboe). The 83,000 barrels of oil equivalent per day (boepd) currently produced by the partners provides fuel for reliable and affordable electricity access for millions of Iraqis and billions of dollars in ongoing fuel savings for the KRG, which has enabled the significant economic development witnessed in the Kurdistan Region.
“The policies and legal framework of the KRG encouraged us to invest in the Kurdistan Region as the earliest major investors from the UAE,” said Mr. Abdulla Al-Qadi, Director of Exploration & Production at Crescent. “Since our entry, many UAE companies such as Emirates, Etihad, Air Arabia, Rotana, and Emaar have already entered Kurdistan, and we are pleased to play this positive role in encouraging further strong economic ties and investments from the UAE.”
Trade UAE-Iraq is the leading event of its kind to promote economic ties between the UAE and the Kurdistan Region of Iraq and includes a conference at the Saad Conference Centre in Erbil, networking events, business meetings between companies from the UAE and Iraq, and site visits to local industrial projects. With the aim of strengthening economic ties, meetings and private consultations were held between participants from leading sector ministries, agencies, organisations and commercial contractors and investors from the UAE and the Kurdistan Region of Iraq.
In addition to their major investments in gas projects in Kurdistan, Dana Gas and Crescent Petroleum have also implemented various local projects to support the local communities, including providing school supplies, drinking water treatment, generators and fuel, enabling 24-hour electricity for the local villages, mobile medical units, and youth sports facilities. These initiatives are assisting the local communities in improving their standard of living and well-being, and in the development of human capital in the Kurdistan Region.
15 May 2014
Sharjah, UAE
Dana Gas, the Middle East’s largest regional private sector natural gas company, today announced its financial results for the first quarter ended 31 March 2014.
The Company reported a 67% rise in operating profits in 1Q 2014 to US$ 45 million (AED 164 million) as compared to US$ 27 million (AED 98 million) in Q1 2013. This excludes the one-off gains of US$ 39 million (AED 143 million) profits arising out of the partial sale of MOL shares in 1Q 2013. Gross revenues achieved in 1Q 2014 were US$ 180 million (AED 660 million), 18% higher than Q1 2013’s revenue of US$ 152 million (AED 557 million). Increase in production (and sales) and tighter control of operational expenditure were the major contributors towards this rise in revenue and operating profit.
The Company’s share of overall production for 1Q 2014 increased by 12% to register an average of 68,800 barrels of oil equivalent per day (boepd) as compared to 61,400 boepd in the same period last year. Dana Gas Egypt experienced a large upturn in average production to 39,100 boepd, a 17% increase vis-à-vis the 33,400 boepd achieved in Q1 2013. In the KRI, the Company’s share of production was also higher by 6% to 29,300 boepd vis-à-vis 27,700 boepd in Q1 2013.
In 1Q 2014, the company received US$ 3 million (AED 11 million) in Egypt and did not receive any payment from the Kurdistan Regional Government (‘KRG’). This resulted in trade receivables being higher by US$ 68 million (AED 249 million) to US$ 583 million (AED 2.14 billion) (FY2013: US$ 515 million (AED 1.89 billion)). As a result, the Company’s cash balance was US$ 155 million (AED 568 million) as at the end of the quarter. Egypt’s trade receivables stood at US$ 278 million (AED 1.02 billion) following the offset of US$ 37 million (AED 135 million) against the North Al Arish Offshore Block-6 signature bonus and amounts payable to government-owned contractors in Egypt. Total assets were unchanged at US$ 3.53 billion (AED 12.9 billion).
As of 30 April 2014, the Company has received voluntary conversion notices amounting to US$ 65.4 million (AED 239.7 million), reflecting positive investor sentiment and helping the company lower its outstanding debt and cash outflow.
Commenting on the results, Dr. Patrick Allman-Ward, Chief Executive Officer, said: “We have made a solid operational start to the year and have delivered on our strategy of increasing output through organic growth, resulting in a 12% increase in production output to 68,800 boepd. This reflects the quality of our assets in Egypt and the KRI and provides confidence for additional growth potential going forward.
For the time being our capital expenditure will remain in-line with our collections. We are committed to further increasing production in Egypt and continue our discussions with the relevant authorities to resolve the matter of overdue receivables. In Kurdistan, we have increased production by 6% through increased supply of LPG. The arbitration initiated by us and our consortium partners commenced in January 2014 with the successful formation of the Tribunal and proceedings are now ongoing. Regardless, we continue to operate our gas production facilities in Khor Mor at full capacity to provide the much needed power supply to the people of the Kurdistan Region of Iraq.”
Production and Development
Dana Gas’s average quarterly net production from Egypt and KRI was 68,800 boepd, a year-on-year increase of 12% (Q1 2013: 61,400 boepd).
Egypt
The Company has rationalized its Egyptian portfolio of assets, concentrating on its most commercial and long-term production growth opportunities in the Nile Delta and offshore Eastern Mediterranean.
The process has seen Dana Gas complete major new field tie-in work, which together with maintenance and debottlenecking work in the El Wastani Plant, will increase output capacity by 25% to 200mmscfd (an increase equivalent to 6,650 boepd) and contribute 10% to overall group production. This has been a key factor in the country’s producing assets increasing their output to 39,100 boepd, a 17% increase on its 33,400 boepd production in Q1 2013.
Dana Gas was also awarded a new Development Lease called Balsam following the discovery made in 2012, whilst simultaneously increasing its El Basant Development Lease (to cover the Allium discovery), jointly located in the West El Manzala Concession. It has also secured an increase to its Sama Developments in the West Al Qantara Concession to include the West Sama discovery. Through Dana Gas’ comprehensive gas pipeline network and available processing plants, the Allium and West Sama discoveries have already been brought on-stream in a very short space of time.
As part of this rationalization process, Dana Gas sold its entire 50% holding in the Komombo concession to Mediterra Energy for $6.3 million in cash plus working capital adjustments. The transaction is expected to be completed in the second quarter of 2014.
Kurdistan Region of Iraq
In the Kurdistan Region of Iraq, the Company saw its quarterly share of production (40%) in the Khor Mor Field increase slightly to 29,300 boepd as compared to 27,700 in Q1 2013 through increased LPG supply. Since repairs to the LPG loading bay were completed in 2013, LPG production has been growing steadily but remains below full capacity due to under-lifting by the KRG.
UAE
The work programme for the development of the Zora Gas Field project is ongoing. In March 2014, the Company issued a letter of intent for the load out and installation of platform and topsides, the construction of the onshore gas plant, offshore pipeline installation and line pipe procurement. First gas production remains on track for H1 2015 with an estimated output of 40 mmscfd (6,650 boepd).
Sukuk Conversion Update
During the period from 1 January 2014 to 30 April 2014, the Company has received voluntary early conversion notices for the Convertible Sukuk amounting to US$ 65.4 million (AED 240 million). Accordingly, 320,199,303 ordinary shares of the Company calculated at a conversion price of AED 0.75 (nominal value AED 1.0) will be issued to satisfy the Notice. The difference in value between the conversion price and the paid-up value of the shares is accounted for by appropriation from the capital reserves of the Company.
DANA GAS is pleased to invite you to participate in the 1Q 2014 Financial Results Conference Call on Thursday 15 May 2014
16:00 UAE // 15:00 KSA // 13:00 London // 08:00 New York
The call will start at 16:00 UAE local time and will be hosted by:
– Dr. Patrick Allman-Ward – CEO and the management team
Dial-in Details
International standard dial-in: +44 1452 560 297
UAE: 8000 357 030 30 (Toll free)
US: 1866 224 3297 (Toll free)
UK: 0800 953 1287 (Toll free)
Conference Code: 41433012
(Please call in 5 minutes prior to the start of the call to give your name to the operator)
In addition, the presentation will be available on-line, please click on the following link to access:
https://db.webex.com/db/onstage/g.php?t=a&d=592561188
Event Password: Earnings1
(Only available during the conference call)
The presentation and the call script will also be available on Dana Gas website: www.danagas.com
A replay of the conference will be available following the call
To access: Dial + 44 1452 55 00 00
Conference ID 41433012#
Available until 22 May 2014
Please e-mail: investor.relations@danagas.com with any questions
Company-AGM-discusses-and-approves-2013-operations-financial-results
24 April 2014
Sharjah,
Dana Gas, the Middle East’s largest regional private sector natural gas company, held its 8th Annual General Meeting (AGM), Chaired by the Company’s Honorary Chairman H.H. Sheikh Ahmed Bin Sultan Al Qasimi. All resolutions presented to shareholders at the AGM were approved.
The AGM approved the Board of Directors’ report on the Company’s financial results and the financial statements together with the Auditors report for the year ended 31 December 2013.
Commenting on the overall performance of the Company, Dr. Adel Al-Sabeeh, Chairman of the Board, said: “Dana Gas made solid progress in 2013 and we have seen a robust performance across our operations, despite ongoing economic and political uncertainty in the two principal countries in which we operate. We are confident that Dana Gas is well-positioned and has the right leadership to tackle growth opportunities in the region. We remain committed to maximising value for our shareholders and look forward to future years with renewed confidence.”
During the AGM, shareholders were given an overview of the 2013 results. Dana Gas increased revenue to AED 2.39 billion (US$ 652 million) from AED 2.32 billion (US$ 633 million) in 2012 which was driven principally by an 8% increase in gross production, reaching 64,700 barrels of oil equivalent per day (boepd). The increase was led by Egypt which increased production by 14% and contributed AED 1.5 billion (US$ 417 million) to gross revenue as compared to AED 1.4 billion (US$ 370 million) in 2012.
Net profit was slightly lower at AED 571 million (US$ 156 million) compared to AED 605 million (US$ 165 million) in 2012, impacted by lower sales of LPG in the Kurdistan Region of Iraq (‘KRI’), along with an increase in royalty payments and higher depreciation, depletion and amortization expenses in Egypt.
Cash balance improved by 24% to AED 748 million (US$ 204 million) by end of 2013 aided by an AED 194 million (US$ 53 million) payment of outstanding receivables from Egypt in December 2013.
Speaking to assembled shareholders on Dana Gas’ operational performance in 2013, the Company’s Chief Executive Officer, Dr. Patrick Allman-Ward, said: “From an operational standpoint 2013 was a very successful year. We increased production levels in Egypt and won working interest in a major new concession area which has high prospectivity. In Kurdistan, the resumption of our LPG loading facilities is adding incremental revenue and will enhance profits going forward. We have also achieved progress in the development of the Zora gas field in the UAE which provides real growth opportunities. Overall we are confident that our steady progress in recent years has set the scene for further improved financial performance in the years ahead.”
Dana Gas Egypt’s gas, LPG, condensate and crude oil full year output was 14% higher at 36,700 boepd, compared to 32,200 boepd in 2012. During the year, the Company also announced achieving record gas production levels equivalent to 41,500 boepd (including associated liquids) The Company successfully drilled and tested one exploration and three development wells during the year and announced its 25th discovery with the Begonia-1 well in the Nile Delta. Dana Gas also won 100% working interest in the North EL Arish Offshore (Block 6) Concession Area in Egypt. In February 2014, the Company successfully completed a major maintenance and tie-in work program in the El Wastani Plant.
In the Kurdistan Region of Iraq, the Company’s full year share of production in the KhorMor field remain constant at 27,600 boepd. Repairs to the LPG loading bay were also completed and lifting of the product has been steadily growing but remains below full capacity. The arbitration which was initiated in October 2013 by Dana Gas with Crescent Petroleum and the Pearl Petroleum Company Limited has started with the Tribunal successfully formed and proceedings now ongoing.
In the UAE, Dana Gas is progressing rapidly with the development of the Zora Gas Field, and in November 2013, the Company awarded Adyard Abu Dhabi the AED 62.5 million (US$ 17 million) contract for the fabrication of an offshore platform of the project.
In March 2014, the Company issued letters of intent for the onshore gas plant, offshore pipeline installation and line pipe procurement. The project is in line for first gas production in early 2015 with expected production of 40 mmscfd.
Dana Gas’s UAE Gas Project continues to await the delivery of gas from the National Iranian Oil Company (“NIOC”). Dana Gas’s joint-venture partner in the UAE Gas Project, Crescent Petroleum, continues to seek a legal ruling on the gas deliveries and expects a decision from the tribunal in this regard during 2014.
Shareholders were briefed that from 1 January 2014 to 15 March 2014, the Company had received conversion notices amounting to US$ 51 million for the Company’s Convertible Sukuk. Accordingly, approximately 250 million ordinary shares calculated at a conversion price of AED 0.75 (paid-up value of AED 1.0) will be issued. This follows the approval in April 2013 for the refinancing of the AED 3.6 billion (US$ 1 billion) trust certificates.
The AGM approved the Board of Directors’ recommendation to not distribute a dividend for the 2013 financial year, as a precautionary measure in consideration of the challenging economic environment in Egypt and the on-going arbitration proceedings with Kurdistan Regional Government, both of which have affected the collection of receivables.
21 April 2014
Sharjah, UAE
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, is pleased to announce that it has won the “Restructuring Deal of the Year” award, recognizing the Company’s outstanding achievement in restructuring its Sukuk.
The award, presented at the 6th Annual International M&A Advisor Awards in New York, was received on behalf of Dana Gas by Neeraj Agrawal Project Director and Ranga Kishore, Head of Financing. The award also recognized the Blackstone Group, which was mandated by Dana Gas to advise on the restructuring.
Commenting on the award, Dr. Patrick Allman-Ward, Chief Executive Officer, said: “This award recognises the tremendous efforts of our in-house team and external advisors in successfully restructuring Dana Gas’ sukuk. I congratulate the deal team on this important recognition of their work, which has left the Company in a stronger financial position and provided a solid foundation for our future strategic growth plans.”
The nominations for the 6th annual awards, representing over 300 participating regional, national and global companies, were judged by an independent jury of industry experts. The awards were presented in New York, in conjunction with the 2014 International Financial Forum. The International Financial Forum is a private summit, bringing together over 500 of the world’s most active cross-border dealmakers and other key international market experts, including academics, media, and political influencers.
In May 2013, Dana Gas PJSC completed the refinancing of its US$1 billion Trust Certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. The New Sukuk of US$850 million (US$425 million of Convertible Sukuk and US$425 million of Ordinary Sukuk) were subsequently listed on the Global Exchange Market of the Irish Stock Exchange.
As part of the transaction, the Company reduced its outstanding debt from US$1 billion to US$850 million. This was via a US$70m cash pay-down and the cancellation of another US$80 million of the Existing Sukuk already owned by the Company.
On 31 October 2013, the conversion period for the convertible Sukuk issued on 8 May 2013 commenced, which will expire 25 trading days prior to 31 October 2017. During this period, Sukuk holders have the right to convert all or part of the convertible Sukuk into ordinary shares of the Company. Subsequently, as of 21st April 2014, Dana Gas has received conversion notices for the convertible sukuk amounting to US$ 61.4 million, with a total of 300.6 million (approx.) ordinary shares of the Company calculated at a conversion price of AED 0.75 (nominal value AED 1.00) being issued to satisfy the notices. The difference in value between the conversion price and the nominal value of the shares is accounted for by appropriation from the capital reserves of the Company.
CLICK HERE TO VIEW DISCLOSURE AND ATTACHMENTS
Sharjah
Apr 7 2014
Disclosure on Convertible Sukuk
Increase in Share Capital and delivery of shares for notices received by February 27th, 2014
Dana Gas PJSC (the Company) is pleased to announce that the Competent Authorities have approved on 6th April 2014 increase of the Company’s share capital by AED 23,318,122 (of 23,318,122 ordinary shares) arising out of conversion of Voluntary Conversion Notices received between February 16th, 2014 and February 27th, 2014 (“Batch 4”) amounting to US$ 4,762,040 (US Dollars Four Million Seven Hundred Sixty two Thousand and forty) of Convertible Sukuk.
The Company has submitted the required application together with required documents to ADX to deliver the said Ordinary Shares of the Company to the relevant Convertible Sukuk Certificateholders, in accordance with the Abu Dhabi Securities Exchange applicable procedures.
See attachments.
CLICK HERE TO DOWNLOAD AGM PROXY
Invitation to the Annual General Assembly of Shareholders
The Board of Directors of Dana Gas PJSC is pleased to invite its esteemed Shareholders to attend the Company’s Annual General Assembly Meeting for the Financial Year ended 31 December 2013 which will be convened on Wednesday 16 April 2014 at 11 AM, at the Sharjah Chamber of Commerce & Industry.
The Agenda of the Meeting is to consider and approve:
1- The Board of Directors’ Report on the Company’s activities and financial position for the Financial Year ended 31 December 2013
2- The Balance Sheet and Profit & Loss Account as of 31 December 2013
3- The Auditors’ Report for 2013
4- Relieving the Board of Directors and the Auditors from liability for the Financial Year ended 31 December 2013
5- No dividend distribution for the financial year ended 31 December 2013 and carrying profits forward to the next year.
6- Directors’ Remuneration.
7- Appointment of the Auditors for the Financial Year 2014 and determination of their fees
8- Appointment of Dr. Patrick Allman-Ward CEO of the Company as a member of the Board of Directors in one of the three vacant seats
In the event the required quorum for the Annual General Assembly Meeting is not procured on 16 April 2014, the Meeting will be adjourned to Wednesday 23 April 2014 and will be convened at the same time and place as stipulated above. The second AGM meeting shall be considered quorate and validly held by any number of Shareholders present.
Shareholders are kindly requested to show proof of identity (e.g., passport, identity card, family book). Any Shareholder may appoint a proxy (other than a member of the Board of Directors) to represent him/her at the General Assembly Meeting of Shareholders through form provided by the Company.
The registered owner of the share on the working day preceding the Assembly’s meeting has the right to vote in the Assembly.
The Company’s Financial Statements and Corporate Governance Report for 2013 could be found on Abu Dhabi Securities Exchange website www.adx.ae and the Company’s website www.danagas.com
CLICK HERE TO SEE THE DISCLOSURE AND ATTACHEMENTS
Disclosure on Convertible Sukuk
Increase in Share Capital and delivery of shares for notices received by January 31st, 2014
Dana Gas PJSC (the Company) is pleased to announce that the Competent Authorities have approved on 2nd March 2014 increase of the Company’s share capital by AED 85,256,403 (of 85,256,403 ordinary shares) arising out of conversion of Voluntary Conversion Notices received between January 16th, 2014 and January 31st, 2014 (“Batch 2”) amounting to US$ 17,411,110 (US Dollars Seventeen Million Four Hundred Eleven Thousand One Hundred and Ten) of Convertible Sukuk.
The Company has submitted the required application together with required documents to ADX to deliver the said Ordinary Shares of the Company to the relevant Convertible Sukuk Certificateholders, in accordance with the Abu Dhabi Securities Exchange applicable procedures.
See attachments.
04/03/2014
Sharjah
Mar 4 2014
Disclosure on Convertible Sukuk
Increase in Share Capital and delivery of shares for notices received by January 31st, 2014
Dana Gas PJSC (the Company) is pleased to announce that the Competent Authorities have approved on 2nd March 2014 increase of the Company’s share capital by AED 85,256,403 (of 85,256,403 ordinary shares) arising out of conversion of Voluntary Conversion Notices received between January 16th, 2014 and January 31st, 2014 (“Batch 2”) amounting to US$ 17,411,110 (US Dollars Seventeen Million Four Hundred Eleven Thousand One Hundred and Ten) of Convertible Sukuk.
The Company has submitted the required application together with required documents to ADX to deliver the said Ordinary Shares of the Company to the relevant Convertible Sukuk Certificateholders, in accordance with the Abu Dhabi Securities Exchange applicable procedures
See attachments.
Scheduled upgrade and maintenance work on the El Wastani gas plant to commence on the 28th February 2014 and take approximately two weeks
– The upgrade will allow production output capacity to increase by 40 mmscfd to 200 mmscfd
– The project meets the Company’s commitment towards supporting Egypt’s gas requirements
28 February 2014
Sharjah
Dana Gas, the Middle East’s leading regional private sector natural gas company, plans to conduct a major maintenance and tie-in work program in the El Wastani Plant. The maintenance and enhancement project will start on February 28 and requires temporary shut down for approximately two weeks.
During the two week maintenance period, the Company will work on a major facility and equipment upgrade as it aims to expand its production output capacity by 40 mmscfd to 200 mmscfd, which represents a 25% increase. This is equivalent to 6,650 barrels of oil per day (boepd). Following the shutdown, the additional capacity will allow increased production from the Salama/Tulip, Faraskur and South Abu El Naga fields via a new pipeline tie-in. In addition, the scheduled maintenance work including modifications, modernization and de-bottlenecking will assist in enhancing the plant life.
Dr. Mark Fenton, Dana Gas Egypt General Manager, said: “A scheduled shutdown of the El Wastani facility for capacity enhancement and maintenance was planned as soon as we had received permission to commercialize the new fields. It is a necessary work and the tie-in of the new wells along with the maintenance program ensures that the plant is also fully upgraded prior to new wells coming on stream during the year. The result will see our production rise by 6,650 boepd and is in line with our stated ambition of increasing production to meet the local demand.”
Last week, the Company announced that it had signed an agreement with the Egyptian government to develop its first offshore concession in Egypt, in the North El Arish 2,980 sq. km. (Block 6) Concession Area, offshore the eastern Nile Delta. Dana Gas also announced that it had been awarded a new development lease at Balsam, in addition to increasing the areas of its current El Basant and Sama development leases to encompass the Allium and West Sama discoveries, respectively.
Dana Gas is currently the 6th largest gas producer in Egypt, and operates in the Nile Delta through the El Wastani Petroleum Company (Wasco), Dana Gas’ joint-venture company with the Egyptian Natural Gas Holding Company (EGAS), where almost all of its 695 employees are Egyptians. In 2013, production in Egypt averaged 36,700 boepd, a significant year on year increase of 14%. During the third quarter, the Company announced that it had achieved the highest production levels (equivalent to 41,500 boepd) in Egypt in the last two years.
Disclosure on Convertible Sukuk
Increase in Share Capital and delivery of shares for notices received by January 15, 2014
Dana Gas PJSC (the Company) is pleased to announce that the Competent Authorities have approved on 18th February 2014 increase of the Company’s share capital by AED 101,116,167 (of 101,116,167 ordinary shares) arising out of conversion of Voluntary Conversion Notices received between January 1, 2014 and
January 15, 2014 (“Batch 1”) amounting to US$ 20,650,000 (US Dollars Twenty Million Six Hundred Fifty Thousand) of Convertible Sukuk.
The Company has submitted the required application together with required documents to ADX to deliver the said Ordinary Shares of the Company to the relevant Convertible Sukuk Certificateholders, in accordance with the Abu Dhabi Securities Exchange applicable procedures.
See attachments.