Dana Gas receives Kurdistan payment

Sharjah, 4 December 2012

Dana Gas the Middle East’s first and largest regional and private-sector natural gas company, announces that it yesterday received its share of the recent payment made by Iraq's Federal Government to the Kurdistan Regional Government.

The company's Joint Venture in the Kurdistan Region received USD 120 million, of which the Dana Gas share of 40% is USD 48 million.

"We are pleased to receive this payment, and are working with the Kurdistan Regional Government to further address the outstanding receivables," said Rashid Al-Jarwan, Executive Director and Acting CEO of Dana Gas.

Dana Gas is working to address outstanding receivables from its operations in both Egypt and the Kurdistan Region of Iraq. In Egypt the government has been settling the company's receivables for current production and working pro-actively with the company to address the USD 200 million of receivables from 2011.

The company recently reported substantial growth in 9-month profits, and has seen sustained growth in production, revenues and profits since inception in 2005.

Dana Gas press release