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Dana Gas profit soars to Dh392m.

Byline: Staff Report

Dubai: Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, yesterday reported a net profit of Dh392 million for the second quarter, compared to Dh34 million in the same period last year.

Revenue from the sale of hydrocarbons was Dh303 million, with gross profits reaching Dh97 million, an increase of 31 per cent over the same period last year.

This was mainly due to condensate sales from the company's operations in the Kurdistan region. For the six-month period ended June 30, Dana Gas generated total revenues of Dh550 million, with a gross profit of Dh165 million, a net profit of Dh360 million and Ebitdax of Dh1.02 billion, over three times the amount achieved in the same period last year.

"Dana Gas's Egypt operations contributed significantly to the excellent results, as it ended the quarter with a production of 3.19 million barrels of oil equivalent for the quarter. The coming on stream of the Al Basant and Sondos fields pushed the company's production rate from 30,000 boepd (barrels of oil equivalent per day) to 37,000 boepd, and the company's new gas discovery and three successful appraisal wells also had an appreciable effect on its results," a company statement said.

"The Tulip-1 exploration discovery, located in the West Qantara Concession in the Nile Delta region, is expected to add approximately 27 billion cubic feet (bcf) of gas reserves, while the three successful appraisals - Sondos-2, Al Basant-3 and Salma Delta-2 - confirmed expected reserves extension." Two more exploration gas discoveries were made shortly after the end of the second quarter, Sharabas-1 and Sama-1 in the West Manzala and West Qantara Concessions, respectively.

The estimated combined reserves associated with the two discoveries are 76 bcf - 28 bcf gas for Sharabas-1 and 48 bcf gas for Sama-1.

Dana Gas Chief Executive Officer Ahmad Al Arbeed said: "Our numbers speak for themselves as to the success of our operations."



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Publication:Gulf News (United Arab Emirates)
Date:Aug 16, 2009
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