ID :
137294
Thu, 08/12/2010 - 15:14
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Shortlink :
https://oananews.org//node/137294
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Dana Gas' production, revenues and profits rise in second quarter 2010
Sharjah, Aug 12, 2010 (WAM)- Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced its financial results for the quarter ended 30th June 2010. Revenue from the sale of hydrocarbons increased to Dhs428m, with gross profit reaching Dhs179m. These figures represent increases of 41% and 84% respectively, compared to the same period last year.
This is due to strong production growth, amounting in aggregate to 29%, from the Company's operations in Egypt (where ten fields are now producing) and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase. It is also due to higher market prices for, condensate, LPG and oil during the quarter, as compared to 2Q 2009.
The Company made a Net Profit after tax of Dhs33m in the second quarter. On an "underlying" basis this Net Profit after tax has increased by some Dhs62m compared to 2Q 2009.The underlying basis strips out significant "one off" items in the second quarter 2009 results (chiefly the sale of a 10% interest in Pearl Petroleum, which holds our interests in the Kurdistan Region of Iraq ("KRI"), exploration expenses and impairments) and is intended to provide improved transparency for a more meaningful comparison.
The Net Profit after tax for 2Q 2010 excludes an unrealised loss of Dhs213m, due to a decline in the value of the Company's investment in MOL (the Hungarian oil and gas company, who are one of our partners in Kurdistan), booked directly to equity in line with the Company's published accounting policy and reported within "Comprehensive Income" However, on a cumulative basis, the Company has recorded a total unrealised gain on this investment, from the date of acquisition to the end of June 2010, of Dhs297m.
Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) for 2Q 2010 were Dhs252m.
Dana Gas Egypt's operations continue to deliver strong results, producing 3.80m barrels of oil equivalent (boe) during 2Q 2010, an increase of 19% compared to the same period last year. This included production from the Orchid field, which was brought on stream in April 2010. The Company also added its third new field gas discovery of 2010, Ward Delta-1 in the Nile Delta, which follows on from the El Panseiya-1 and South Faraskour-1 discoveries in the first quarter. This continues the Dana Gas exploration track record with three discoveries from four wells in the first half of 2010, building on the 2009 performance of eight discoveries from twelve exploration wells.
In the Kurdistan Region of Iraq Dana Gas, through its 40% share, produced 1.06m boe of gas and condensate during the quarter, an increase of approximately 88% over the same period in 2009. The first train of the LPG Plant at Khor Mor is in partial operation, producing gas and condensate. Production of LPG will start later in 2010, which will further increase production.
Dana Gas is pleased to report that it has recently been recognised as a "First Category" company by the Securities and Commodities Authority (SCA) reflecting the Company's adherence to the transparency requirements of the SCA, compliance to its laws and regulations, in addition to its accessibility to all stakeholders. – Emirates News Agency, WAM
This is due to strong production growth, amounting in aggregate to 29%, from the Company's operations in Egypt (where ten fields are now producing) and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase. It is also due to higher market prices for, condensate, LPG and oil during the quarter, as compared to 2Q 2009.
The Company made a Net Profit after tax of Dhs33m in the second quarter. On an "underlying" basis this Net Profit after tax has increased by some Dhs62m compared to 2Q 2009.The underlying basis strips out significant "one off" items in the second quarter 2009 results (chiefly the sale of a 10% interest in Pearl Petroleum, which holds our interests in the Kurdistan Region of Iraq ("KRI"), exploration expenses and impairments) and is intended to provide improved transparency for a more meaningful comparison.
The Net Profit after tax for 2Q 2010 excludes an unrealised loss of Dhs213m, due to a decline in the value of the Company's investment in MOL (the Hungarian oil and gas company, who are one of our partners in Kurdistan), booked directly to equity in line with the Company's published accounting policy and reported within "Comprehensive Income" However, on a cumulative basis, the Company has recorded a total unrealised gain on this investment, from the date of acquisition to the end of June 2010, of Dhs297m.
Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) for 2Q 2010 were Dhs252m.
Dana Gas Egypt's operations continue to deliver strong results, producing 3.80m barrels of oil equivalent (boe) during 2Q 2010, an increase of 19% compared to the same period last year. This included production from the Orchid field, which was brought on stream in April 2010. The Company also added its third new field gas discovery of 2010, Ward Delta-1 in the Nile Delta, which follows on from the El Panseiya-1 and South Faraskour-1 discoveries in the first quarter. This continues the Dana Gas exploration track record with three discoveries from four wells in the first half of 2010, building on the 2009 performance of eight discoveries from twelve exploration wells.
In the Kurdistan Region of Iraq Dana Gas, through its 40% share, produced 1.06m boe of gas and condensate during the quarter, an increase of approximately 88% over the same period in 2009. The first train of the LPG Plant at Khor Mor is in partial operation, producing gas and condensate. Production of LPG will start later in 2010, which will further increase production.
Dana Gas is pleased to report that it has recently been recognised as a "First Category" company by the Securities and Commodities Authority (SCA) reflecting the Company's adherence to the transparency requirements of the SCA, compliance to its laws and regulations, in addition to its accessibility to all stakeholders. – Emirates News Agency, WAM
