Press releases, Reports & Disclosures for DANA GAS PJSC

On 27 November 2024, Dana Gas PJSC held a board meeting from 09:12 AM to 12:00 PM, attended by all 11 board members, achieving full quorum. The board reviewed the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq. They also examined the group's five-year business plan, approved the 2025 budget, and ratified the company's Q3 2024 financial statements. Other routine matters were also discussed. The authorized signatory for the meeting was Omran Al Zamani, the Board Secretary, with the meeting details disclosed on 28 November 2024.

Dana Gas PJSC has scheduled a board meeting for Wednesday, 27 November 2024, at 09:00 AM. The agenda includes discussions on the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, approval of the company's 5-year business plan and 2025 budget, ratification of the Q3 2024 financial statements, and other routine matters. The disclosure is authorized by Omran Al Zamani, the Board Secretary, with the document dated 22 November 2024.

Dana Gas reported a net profit of AED 410 million ($112 million) for the first nine months of 2024. Key highlights include a 3% increase in production in the Kurdistan Region of Iraq (KRI) to 38,200 barrels of oil equivalent per day, and an increase in collections to AED 872 million ($238 million) compared to AED 612 million ($167 million) in the same period of 2023. The company reduced its corporate debt from AED 396 million ($108 million) to AED 102 million ($28 million). Revenue for the period was AED 1,048 million ($286 million), a 12% decline from the previous year due to lower prices in the condensate and LPG segments and a production decline in Egypt. Dana Gas is focused on cost and production optimization, particularly in KRI, to mitigate financial challenges. The company plans to resume full-scale construction activities at the KM250 plant, with Pearl Petroleum overseeing the project. Pearl raised $350 million through a bond issue to fund the KM250 expansion, which is expected to boost production capacity significantly. In Egypt, a new Concession Agreement was ratified, consolidating existing concessions into a unified framework with improved terms, committing Dana Gas to significant development and exploration efforts.

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.