DANA GAS PJSC

Dana Gas (PJSC) has announced the restoration of production at the Khor Mor facility in the Kurdistan Region of Iraq to normal levels, following a recent attack. The facility's daily production output capacity now exceeds 500 million standard cubic feet of gas, 1,100 metric tons of LPG, and 15,000 bbl of condensate. The resumption of operations was made possible due to actions by the Government of Iraq and the Kurdistan Regional Government, which included commitments to enhance security and strengthen defenses at the site. Dana Gas and its partners are committed to ensuring the safety of personnel and facilities, and continue to provide local power stations with affordable, lower-carbon fuel, and fulfill the LPG needs of the Kurdistan region of Iraq.

This announcement, in compliance with Article 33 of the Abu Dhabi Stock Exchange regulations, refers to a previous notification about the company's operations in the Kurdistan Region of Iraq. The Government of Iraq and the Kurdistan Regional Government have taken significant actions to strengthen defenses at the Khor Mor site. As a result, Dana Gas and its partners have decided to restart production from the Khor Mor field. This will be done in phases, with new safety measures being implemented for the protection of all personnel and facilities.

The disclosure is made in accordance with Article 33 of the Abu Dhabi Stock Exchange regulations. It refers to a notification from the company regarding its operations in the Kurdistan Region of Iraq. The Iraqi Government and the Kurdistan Regional Government have taken significant steps to strengthen defenses at the Khor Mor site. With these measures and commitments from authorities, Dana Gas and its partners have started to resume production from the Khor Mor field in a phased manner, incorporating new safety measures for personnel and facilities.

Dana Gas (PJSC) has disclosed, in accordance with Article 33 of the Abu Dhabi Stock Exchange regulations, that a drone terror attack occurred on a condensate storage tank at Khor Mor on 26th April 2024. The attack resulted in four fatalities and minor injuries to eight contractor employees. Production has been temporarily suspended for safety reasons and procedural changes have been implemented. The company is working with the Kurdistan Regional Government and the Federal Government of Iraq to ensure justice for the victims and enhance security measures. Dana Gas remains committed to its stakeholders and plans to resume production as soon as it is safe.

At Dana Gas PJSC's Annual General Meeting, shareholders agreed to the Board of Directors' recommendations for all proposed resolutions and elected a new 11-member board for the next three years. The new board includes three new directors: Mohammed Al Hashimi, Omar al Mulla, and Mohamed Al-Khoori. Despite a challenging economic environment and declining oil prices, Dana Gas's business model proved resilient. The company improved its financial position and expects to resume dividends soon. Dana Gas anticipates continued strong financial performance, supported by operational performance and higher commodity prices. The KM250 expansion project in the Kurdistan Region is expected to generate an additional $150 million in revenue. The Egyptian Cabinet's approval of a draft law authorizing EGAS to contract with Dana Gas is expected to extend the operational lifespan of the company's Egyptian assets and includes further investment of approximately $100 million.

The General Assembly meeting of Dana Gas PJSC took place on 17th April 2024, from 11:00 AM to 12:12 PM, both in-person and virtually. The meeting was chaired by Mr. Abdul Hameed Dhia Jafar and had a quorum of 52.55%. The attendees registered through an e-voting system, with a personal attendance rate of 100%. The assembly approved the Board of Directors' report on the company's activities and financial position for the year ended December 31st, 2023. The company's external auditors' report and financial statements for the same period were also approved. The assembly agreed to transfer 10% of the annual net profit to the Legal Reserve and the Voluntary Reserve, each amounting to AED 59 million. The balance of AED 728 million will be carried forward to retained earnings. No dividend will be distributed for the financial year ended 31st December 2023.

On 17th April 2024, Dana Gas PJSC held a board meeting from 12:30 PM to 12:50 PM with all 11 board members present. The board elected Mr. Abdulhameed Dhia Jafar as Chairman and Mr. Rashed Saif Saeed Al-Jarwan Al-Shamsi as Vice-Chairman for the 2024-2027 term. In addition to these elections, the board also discussed administrative issues and business-related matters. The meeting's decisions were authorized and signed by the Board Secretary, Omran Al Zamani.

The General Assembly meeting of Dana Gas PJSC took place on 17th April 2024, from 11:00 AM to 12:12 PM, chaired by Mr. Abdul Hameed Dhia Jafar. The quorum of total attendance was 52.55%, with 100% of attendees registering through the electronic voting system. The assembly approved the Board of Directors' report on the company's activities and financial position for the financial year ended December 31st, 2023. It also approved the External Auditors' report and the company's financial statements for the same year. The assembly resolved to transfer 10% of annual net profit to the Legal Reserve (AED 59 million) and the Voluntary Reserve (AED 59 million), with the balance of AED 728 million carried forward to retained earnings. It was also decided that no dividend would be distributed for the financial year ended 31 December 2023.