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ACQ magazine commends regional firm on growth and achievements.

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has been designated “UAE Company of the Year” as part of ACQ Magazine’s First Annual Country Awards for Achievement.

The award comes in recognition of Dana Gas’ aggressive growth strategy, which came to light following its acquisition of Centurion Energy at the beginning of 2007, and the company’s subsequent expansion into the upstream gas sector with its projects in the Kurdistan region of Iraq.

Dana Gas General Manager Rashid Al Jarwan said this award was a testament to the achievements of Dana Gas in a period of less than two years of operations.

“We thank ACQ magazine for its recognition of Dana Gas’ achievements and its rapid progress since the company acquired Centurion Energy – now Dana Gas Egypt – and the many opportunities that this deal created for Dana Gas,” Al Jarwan said. “It is a clear indication that experts and industry observers alike have seen the impact of such a strategic opportunity on the company’s direction, and the ability of the directors and the management to fortify the unique position of Dana Gas as a company from the region, by the region and for the region.”

ACQ magazine’s Editor, Charlotte Abbott, explained the mechanism behind the selection criteria for the awards.

“We submitted the categories to an independent panel and to other companies that have contributed to the magazine in past editions,” said Charlotte. “They voted on those deals that the magazine has reported on, choosing those which they believed stood out from the crowd in the last 12 months.”

ACQ magazine is a specialized business publication that focuses on news of major deals, launches and partnerships, new financing options, innovative legal structures, region-specific reviews, and other topics related to the world of mergers and acquisitions (M&A). Its readership of approximately 20,000 comprises Europe’s leading corporate finance professionals.

Dana Gas currently has operations in the UAE, Egypt and Iraq, with investments exceeding US$500 million across the region in 2008. In addition to its existing and upcoming UAE projects, and its current oil and gas operations in the Nile Delta and Upper Egypt, the company is undertaking an aggressive US$170 million drilling campaign in Egypt.

Dana Gas has also achieved over 90% completion on its joint venture project with Crescent Petroleum to produce and transport natural gas from the Khor Mor field in the Kurdistan region of Iraq, and was recently awarded a 461 million square foot site to develop the Kurdistan Gas City.

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