Dana Gas slips to AED32m Q1 loss

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DANA GAS: Sharjah-based operator hit by finance and tax charges, as well as lower energy prices. (Getty Images)

Dana Gas, the Middle East's largest regional private sector natural gas company, has reported an AED32 million loss in Q1 on revenues of AED247 million.
The loss reflects AED57 million in finance costs and a tax charge of AED30 million, compared to a net profit of AED25 million in the same period last year after it disposed of its interest in Egypt's West Gharib concession.

In a statement the company also confirmed it brought Egypt's El Basant field on stream on March 31 2009, leading to increased production through its El Wastani gas plant in the nation's Nile Delta region to 170 million cubic feet of gas per day.

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 - a gain that will be positively reflected in the firm's Q2 numbers.

In the Kurdistan region of Iraq, where Dana has a 50% working interest in the Khor Mor field, gross gas production stood at 85 mcfpd, together with gross condensate production of 4,300 boepd.

Construction work is ongoing to complete the two train LPG facility at Khor Mor in late 2009, and the drilling of a well on the Khor Mor field is underway.

Domestically, CEO, Ahmed Al-Arbeed, confirmed that fast track development of the Zora gas field in Sharjah is ongoing and the company expects to start production in 2010 to supply needed gas to the UAE local market.

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