Daily production reached a peak rate of 88,000 barrels oil equivalent per day (boepd), averaging 80,000 boepd, which includes 340 million cubic feet of gas per day and 15,000 barrels per day of condensate liquids. There are plans for further expansion in investment and production levels, under discussion with the Ministry of Natural Resources.
Exploration & Appraisal
Dana Gas Egypt was a successful bidder in the Egyptian Natural Gas Holding Company 2012 International Bid Round that took place on 18th April 2013. It was awarded 100% working interest in the North El Arish Offshore (Block 6) concession area. Upon completion of the necessary procedures, the concession will be handed over to Dana Gas in Q4 2013, whereby it will start the appraisal process.
The Company has also been pre-qualified as a non-operator in Lebanon’s 1st Offshore Licensing Round where 10 deep water exploration blocks are available.
Liquidity and Financial Resources
Cash
Group cash balances as of 31 March 2013 stood at AED 1,254 million (US$ 342 million) (31 December 2012: AED 601 million). The significant rise in cash balances follows the one-off proceeds from the partial monetisation of Dana Gas’ MOL stake. In February 2013, the Company sold 1.675 million shares, raising AED 495 million (US$ 135 million).
Receivables
The Company’s overall net trade receivables number, as of 31 March 2013, stands at AED 2.3 billion (US$ 625 million).
During the first three months of 2013, the Group collected AED 152 million (US$ 41 million) of receivables in Egypt. Revenue collection is 100% and the trade receivable balance stood at AED 866 million (US$ 236 million) as of 31 March 2013 (31 December 2012: AED 866 million).
In Kurdistan, the Group collected AED 119 million (US$ 32 million) of its 40% share of receivable in KRI. Revenue collection is 56% and the Group’s share of the trade receivable balance stood at AED 1,389 million (US$ 375 million) as of 31 March 2013 (31 December 2012: AED 1,298 million).
Sukuk Update
on 8th May 2013 it has completed the refinancing of the US$ 1 billion Trust Certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. This followed
the overwhelming approvals to the refinancing plan received from both Sukuk Certificate holders and Shareholders on 23 April 2013. The New Sukuk of US$ 850 million (US$425 million of Convertible Sukuk and US$425 million of Ordinary Sukuk) have been listed on the Global Exchange Market of the Irish Stock Exchange.
(Source: Dana Gas)
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