Dana Gas Says Operations Remain Unaffected by Coronavirus

The Middle East and North Africa-focused Dana Gas March 2 said its operations remain unaffected by the coronavirus.

“Precautionary measures and contingency plans have already been put in place to safeguard personal and assets. The company has robust operations and cash flows since a large part of the company's revenue comes from long term gas contracts rather than oil, whose price is largely uncorrelated to oil. This represents a natural hedge against low oil prices,” it said.

For the 12 months to December 31 (FY2019), the company posted its highest annual net profit in seven years of $157mn as against a net loss of $186mn in FY2018. The cash balance is $425mn versus $407mn, Dana Gas said.

“The first two months of trading in 2020 has been robust despite the current unpredictable economic environment resulting from the coronavirus,” CEO Patrick Allman-Ward said. 

Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq and UAE.