Dana Gas reports 2Q19 results, with net profit of USD105mn
Dana Gas Co. released its 2Q19 financial results, reporting net profit of USD105mn (vs. USD10mn in 2Q18). Operationally, top-line increased c6% to reach USD123mn as compared to USD116mn in 2Q18, and at the production level, the group also recorded a c7% increase in average production to reach 68,200 boepd in 1H19, vs. 63,600 boepd in 1H18. It is worth noting that Dana Gas has completed drilling on Egypt’s onshore Merak-1 well, located in North El Arish (block 6) concession in Jul 2019 and did not spot any commercial hydrocarbons in the well. Dana Gas’ hike in earnings Y-o-Y was mainly attributable to: i) a significant increase in KRI’s production to reach 32,400boepd in 1H19 compared to 26,100boepd in 1H18, which has offset the c4% lower production from Egypt; and ii) the recognition at fair value of certain reserve-based earnout entitlements amounting to USD71mn.
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.