UAE-based Dana Gas says that it still plans to sell its Egypt assets. “Talks are ongoing but the date has slipped,” the company tells MEES in reference to CEO Patrick Allman-Ward’s previously-stated end-March target for a “final decision” on any sale (MEES, 14 February). “Given the rapidly changing circumstances arising from the global reaction to the Covid-19 pandemic, the Company is not able to predict when this process may complete,” Mr Allman-Ward says in an 8 April filing to the Abu Dhabi stock exchange.
Dana last July put its Egypt assets up for sale for $500mn after its Merak deepwater prospect flopped (MEES,2 August 2019). Current production is 150mn cfd of gas and 5,000 b/d of condensates from three concessions in the onshore Nile Delta. (CONTINUED - 377 WORDS)