Dana Gas achieves revenue of AED 719 million

Source: www.gulfoilandgas.com 11/14/2007, Location: Middle East

Dana Gas PJSC has announced Quarterly Revenue of AED 276 million for the third quarter of 2007, an increase of 15% over the previous quarter resulting in Quarterly Gross Profit of AED 72 million. Net Profit for the quarter was AED 22 Million after adjusting for non-cash depreciation and depletion of AED 56 million and finance costs of AED 30 million.

The Company generated total revenue of AED 719 million in 264 days of production for the nine-month period ended 30 September 2007, with a Gross Profit of AED 184 million at a gross margin of 46% of net revenue. Dana Gas earned a net profit of AED 72 million after adjusting for non-cash depreciation and depletion of AED 170 million and finance costs of AED 100 million including a one-time transaction fee of AED 20 million.

With cash and bank balances of AED 216 million as of 30 September 2007, Dana Gas substantially increased this figure through completion on 31 October 2007 of US$1.0 billion (AED 3.67 billion) Convertible Sukuk issue, which was its maiden launch into the international capital markets. In spite of the currently challenging credit environment, the Sukuk was favorably received in the international investment community and established many firsts for the Middle East region. The Sukuk will assist the Company in strategic expansions and to pursue identified opportunities with the aim of enhancing shareholder value and providing a material positive impact to its shareholders.

“The Company has achieved a number of major milestones in 2007,” said Mr Hamid Dhiya Jafar, Executive Chairman of Dana Gas. “From the start of the year with the US$ 1.1 billion acquisition of Centurion and important assets in Egypt, followed by the signing of important agreements for the major project in the Kurdistan Region of Iraq, and of course most recently with the success of the US$ 1 billion Convertible Sukuk in international markets, Dana Gas has shown that, within less than two years since inception, it has emerged as an important player in the Region’s growing gas business and in the international energy industry. With major projects in the UAE and Northern Iraq coming on-stream early next year, and with the continued support of our founders and shareholders, we look forward to an exciting year ahead for the Company in 2008 and beyond, inshallah.”

The Group’s long-term assets have more than doubled from AED 4.0 billion in 2006 to AED 8.2 billion. Total assets of the Group have also increased by 30% to AED 8.9 billion during the period, with shareholder equity rising to AED 6.88 billion.

During this past quarter, Dana Gas made Southern Egypt’s historic first ever commercial oil discovery from its first exploration well drilled in the Komombo Concession. The event was commemorated by a site visit by the Egyptian Minister of Petroleum, H.E. Eng. Sameh Fahmy, who named the field “Al Baraka” (meaning “the blessing” in Arabic). Oil reserve estimates of the various zones of this discovery are currently being evaluated.

Earlier in the year, Dana Gas also entered into important agreements with the Kurdistan Regional Government in Northern Iraq to develop, process and transport natural gas and liquids from major gas fields to supply urgently needed new power plants currently under construction. This highly significant project is currently under fast-track implementation in partnership with Crescent Petroleum, with first gas and petroleum liquid deliveries expected by early 2008 and a total planned investment of approximately US$ 650 million by the end of 2008. The Company is also leading the development of the ‘Kurdistan Gas City’ Project to maximize economic value and job creation to the region and Iraq by encouraging gas-based industrial investment and development on a world-scale basis.


Bermuda >>  7/1/2022 - DHT Holdings, Inc. has during the second quarter purchased 2,826,771 of its own shares — equivalent to 1.7% of its outstanding shares — at an average ...
Canada >>  7/1/2022 - Osisko Development Corp. announces that, as part of the Company’s annual compensation review, the Board of Directors has authorized the grant of an ag...

Greece >>  7/1/2022 - Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that it has entered into an agreement ...
Iraq >>  7/1/2022 - Based on the initial statistics of the Iraqi Oil Marketing Company (SOMO), the Ministry of Oil has reported the total exports and revenues for the mon...

Monaco >>  7/1/2022 - Costamare Inc. has declared cash dividends of US $0.476563 per share on its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Seri...
Monaco >>  7/1/2022 - Eneti Inc. announced that Scorpio Holdings Limited (“SHL”), a related party, has purchased 288,697 common shares of the Company at an average price of...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.