Sunday 22 Dec
Dana Gas announced today that it has received a cash payment of approximately $20 million from the Egyptian government. This brings the total cash payments received from its Egyptian operations to $24.5 million in the fourth quarter of 2024.
As previously announced, Dana Gas, listed on the Abu Dhabi Securities Exchange, expected the Egyptian government to pay $24 million of its $59 million dues. This payment is crucial for the company to proceed with a strategic development and exploration program, including the drilling of 11 wells.
Following this cash payment,
which will be reinvested in expanding its operations in Egypt, Dana Gas will
move forward with its ambitious investment program. This represents a
significant milestone in the company's journey within the country.
The program aligns with an agreement to merge concession areas, which has been negotiated with the Egyptian government and is expected to be finalized shortly.
