Dana Gas announced the conclusion of an agreement with the IBR Al-Wastani Petroleum Company Ltd., to sell its onshore oil and gas-producing assets in Egypt for $ 236 million. “IBR” is a company specializing in the exploration and production of gas in Egypt. It has nine concession areas and more than three decades of experience in enhancing levels of oil and gas extraction from mature producing fields.
This deal comes as a result of a comprehensive selling plan, which the company started after conducting a strategic review of its business in Egypt and after entering into negotiations with a number of potential buyers in the second quarter of 2019. As a result, the company received four offers to buy. The negotiations with the party that submitted the best offers continued for a longer period as a result of restrictions imposed by the “Covid 19” pandemic on travel and communications, and the impact of the pandemic on the global economy, which led to a sharp decline in global oil and gas prices.
The sale deal is in line with the strategic objectives of Dana Gas in terms of strengthening its financial position and focusing on developing its world-class assets in the Kurdistan Region of Iraq. The deal includes the sale of Dana Gas for all of its operating shares in its four onshore concession areas, namely “Al Manzala”, “West Manzala”, “West Al Qantara” and “North Al Salhia”, and the development licenses associated with these areas.
Dr. Patrick Allman Ward, CEO of Dana Gas, said: “Our main goal has always been to achieve the greatest return for our shareholders, and the sale of our assets in Egypt is a key part of this strategy. The completion of the sale will enable us to strengthen our financial position and focus our attention on developing our world-class assets in the Kurdistan region of Iraq, which contain huge reserves of which our share exceeds one billion barrels of oil equivalent, and these assets also contain enormous additional hydrocarbon resources that will be explored and developed in the future. Our remaining assets in Egypt are distinguished by their quality. ”
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