Press releases, Reports & Disclosures for DANA GAS PJSC

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.

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.