Dana Gas 1Q Profit Almost Doubles

Middle East and North Africa focused Dana Gas has reported a sharp 83% rise year-on-year in 1Q profit, driven by increased production, principally in Egypt; higher realised prices; and lower costs. The profit for the quarter to March 31 was $11mn compared with $6mn in the same quarter last year, Dana Gas said May 11.

Revenue for the quarter was $118mn, up 44% on year while average production was 69,900 boe/d, up 16% compared with the same period last year.

The company managed to reduce operational expenditure by 23% during 1Q in Egypt. Capital expenditure was down 78% as the company focused on completing only those projects already in progress and those related to maintaining plant asset integrity and safe operations. 

Dana Gas has exploration and production assets in Egypt, Kurdistan region of Iraq and UAE, with 2P reserves exceeding 1bn barrels of oil equivalent and average production of 67,050 boe/d in 2016.

Shardul Sharma