Press releases, Reports & Disclosures for DANA GAS PJSC

On 25 September 2024, Dana Gas PJSC held a board meeting from 11:02 AM to 2:00 PM with all 11 board members present, achieving a 100% quorum. The board reviewed the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, and discussed financing options. They also ratified the Q2 financial statements and considered other routine matters. The meeting's decisions and resolutions were documented by Omran Al Zamani, the Board Secretary, on 26 September 2024.

Dana Gas PJSC will hold a board meeting on Wednesday, 25 September 2024, starting at 11:00 AM. The agenda includes discussions on the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, a report on financing options, the ratification of Q2 2024 financial statements, and other routine matters. The meeting details were authorized and signed by Omran Al Zamani, Board Secretary, on 20 September 2024.

On September 10, 2024, Dana Gas announced that Pearl Petroleum Co. Ltd has initiated arbitration proceedings against Enerflex, the EPC contractor for the KM 250 project, following performance issues. Pearl Petroleum terminated the contract with Enerflex on August 19, 2024, and the termination took effect on September 9, 2024. The arbitration seeks to recover costs and damages due to Enerflex's defective performance. Pearl Petroleum is committed to completing the project and safeguarding stakeholder interests, with Dana Gas promising to update the market on the new expected completion date.

Dana Gas (PJSC) has announced that Pearl Petroleum Co. Ltd has issued a notice of termination to Enerflex, the EPC contractor for the KM 250 project, due to numerous performance issues. These issues have caused significant delays and hindered the progress of the Khor Mor gas expansion project in the Kurdistan Region of Iraq. As a result, Pearl Petroleum will take direct control of the remaining phases of the project to ensure its timely completion. Pearl also reserves the right to claim potential damages under the contract.

On 12 June 2024, Dana Gas PJSC held a board meeting from 11:03 AM to 2:00 PM with all 11 board members present, achieving 100% quorum. The Board reviewed the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, ratified the Q1 financial statements, and considered other routine matters. The meeting's decisions and resolutions were signed by Omran Al Zamani, the Board Secretary, on 13 June 2024.

Dana Gas PJSC has scheduled a board meeting for Wednesday, 12 June 2024, starting at 11:00 AM. The agenda includes discussions on the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, ratification of Q1 2024 financial statements, and other routine matters. The disclosure form is signed by Omran Al Zamani, the Board Secretary, on 7 June 2024.

Dana Gas, the largest private sector natural gas company in the Middle East, reported a net profit of AED 139 million ($38 million) and revenue of AED 356 million ($97 million) for Q1 2024. However, this marked a decrease from Q1 2023 earnings, primarily due to lower hydrocarbon prices. The company's consolidation plan was supported by the Egyptian Cabinet's approval of a draft law allowing a new Concession Agreement with Dana Gas, with parliamentary ratification expected soon. However, a drone attack on a condensate storage tank at Khor Mor temporarily halted production and might impact the KM250 project's completion schedule. Despite the incident, the company reported strong production numbers in the KRI and improved receivables, enabling Pearl to resume dividend payments.