ID :
60952
Sun, 05/17/2009 - 14:02
Auther :
Shortlink :
https://oananews.org//node/60952
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Dana Gas achieves revenues of Dh247 million in first three months
Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced quarterly results March 31, 2009, posting revenue from sale of hydrocarbons of Dh247 million.
This 9% decrease over the same period last year, from similar production volumes, is due to lower LPG and Condensate realized prices ,though the relatively constant contracted gas prices received by the Company in Egypt has minimized this decrease.
Gross Profits, increased by 64% to Dh68 million compared to the same period last year, despite the decline in revenue mainly due to condensate sales from the Company's operations in the Kurdistan Region of Iraq.
The Earnings before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) was positive at Dh113 million and reflects the positive cash generation by the Group during the first quarter. The Group incurred a net loss of Dh32 million in the first quarter after finance cost of Dh57 million and tax charge of Dh30 million as compared to a net profit of Dh25 million in the same period last year when the Company generated a profit from disposal of the Company's interest in West Gharib concession.
Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.66 million barrels of oil equivalent (MMboe) (31 March 2008: 2.65MMboe). The Company successfully brought the El Basant field on stream on 31 March 2009, thereby increasing production through its El Wastani gas plant in the Nile Delta region of Egypt to 170 million standard cubic feet of gas per day (MMscfpd) having. Total production in Egypt in April 2009 reached 35,000 barrels of oil equivalent per day (boepd), a 20% increase on the average rate achieved during 2008. This increase in production will be reflected in the Company's results the second quarter of 2009.
In the Kurdistan Region of Iraq (Dana Gas 50% working interest) , gross gas production from the Khor Mor Field stood at 85 MMscfpd together with gross condensate production of 4,300 boepd which is being produced through Early Production Facilities (EPF) with gas being delivered to the power station at Erbil. Construction work is ongoing to complete the two train LPG facility at Khor Mor in late 2009, and drilling of a well on the Khor Mor Field is underway.
This 9% decrease over the same period last year, from similar production volumes, is due to lower LPG and Condensate realized prices ,though the relatively constant contracted gas prices received by the Company in Egypt has minimized this decrease.
Gross Profits, increased by 64% to Dh68 million compared to the same period last year, despite the decline in revenue mainly due to condensate sales from the Company's operations in the Kurdistan Region of Iraq.
The Earnings before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) was positive at Dh113 million and reflects the positive cash generation by the Group during the first quarter. The Group incurred a net loss of Dh32 million in the first quarter after finance cost of Dh57 million and tax charge of Dh30 million as compared to a net profit of Dh25 million in the same period last year when the Company generated a profit from disposal of the Company's interest in West Gharib concession.
Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.66 million barrels of oil equivalent (MMboe) (31 March 2008: 2.65MMboe). The Company successfully brought the El Basant field on stream on 31 March 2009, thereby increasing production through its El Wastani gas plant in the Nile Delta region of Egypt to 170 million standard cubic feet of gas per day (MMscfpd) having. Total production in Egypt in April 2009 reached 35,000 barrels of oil equivalent per day (boepd), a 20% increase on the average rate achieved during 2008. This increase in production will be reflected in the Company's results the second quarter of 2009.
In the Kurdistan Region of Iraq (Dana Gas 50% working interest) , gross gas production from the Khor Mor Field stood at 85 MMscfpd together with gross condensate production of 4,300 boepd which is being produced through Early Production Facilities (EPF) with gas being delivered to the power station at Erbil. Construction work is ongoing to complete the two train LPG facility at Khor Mor in late 2009, and drilling of a well on the Khor Mor Field is underway.
