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Fri 15 Aug 2008 08:21 AM

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Dana Gas posts 17% rise in Q2 profits

Middle East's largest natural gas firm also announces 28 percent spike in revenues, expansion plans.

The Middle East's largest regional private sector natural gas company, has announced revenue from oil and gas production jumped 28 percent in the second quarter of 2008.

Sharjah-based Dana Gas also reported net profit for the quarter at $9 million compared to the same period last year, an increase of 17 percent.

Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.51 million barrels of oil equivalent and contributed higher revenues, the company said.

The company generated total revenue of $158 million for the six-month period to the end of June, with a net profit of $16 million.

"Despite these positive financial results, Dana Gas is just at the beginning of an important phase of rapid growth, said Hamid Jafar, executive chairman of Dana Gas.

"This year is of great significance to us with the start up soon of our major projects in both the UAE and northern Iraq, which will provide a major boost in propelling Dana Gas to the next level and add significant value to our shareholders."

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