Tuesday , June 18 2019

Dana Gas nets $39m receipts from Pearl Petroleum in Q1

SHARJAH / WAM

Dana Gas has announced that during Q1 2019, Pearl Petroleum received $112 million (AED411 million) from the sale of condensate, liquefied petroleum gas, and gas in the Kurdistan Region of Iraq (KRI).
Dana Gas is a 35 percent shareholder in Pearl Petroleum and its share of such receipts by Pearl Petroleum is $39 million. This presents 117 percent increase compared to the company’s Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI.
Dr Patrick Allman-Ward, CEO of Dana Gas, said, “We have had a very positive start to year in KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d.”

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