Dana Gas
|
Native name
|
دانة غاز |
|---|---|
| Public | |
| Traded as | ADX: DANA |
| Industry | Oil & Gas |
| Founded | 2005 in Sharjah, Emirate of Sharjah, United Arab Emirates |
| Headquarters | Sharjah, United Arab Emirates |
|
Areas served
|
UAE, Egypt, Iraq. |
|
Key people
|
Adel Al Sabeeh (Chairman) Patrick Allman-Ward (CEO) |
 528 millionد.إ AED
|
|
| Total equity |
1.7 billionد.إ AED
|
| Parent | Crescent Petroleum (20.01%) |
| Subsidiaries | Pearl Petroleum |
| Website | www |
Dana Gas is an independent gas company headquartered in Sharjah, United Arab Emirates. The largest private shareholder in Dana Gas is Crescent Petroleum. Dana Gas was established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with an average production output of 63,900 boepd, in 2015.
In May 2009, Dana Gas and Crescent Petroleum signed an agreement with MOL and OMV, shareholders of the Nabucco pipeline project, for a strategic partnership in developing gas fields in Iraq's Kurdistan.
On 10 July 2013, Dana Gas, has appointed Patrick Allman-Ward as its new CEO, replacing interim CEO Rashid Saif Al-Jarwan, the appointment will be effective from September 2013.
Also in July 2013, the firm announced it had made a significant discovery at an onshore test well in Egypt, as well as announcing it had achieved record production of 39,000 barrels per day in the country.
In June 2017 it applied to a court in Sharjah to declare its debt “unlawful and unenforceable,” later offering to replace two sukuk totaling $700 million with four-year bonds paying “less than half of the current profit rates and without a conversion feature.” In October 2017 it sought to restructure its debt.
In January 2013, it was alleged that operations of Dana Gas were responsible for the flooding and destruction of the Upper Egyptian village of Fares, near Kom Ombo. It was claimed that flooding in the village was caused by the drilling (fracking) by Dana Gas.
An independent investigation was conducted by D'Appolonia S.p.A of the allegations and the findings report was completed in early 2016. The conclusion of the report states: "There is no evidence that Dana Gas could have either introduced more surface water to the existing system, or significantly altered the drainage of such surface waters. Based on the data, it can be concluded that the Dana Gas activities neither directly nor indirectly caused the alleged flooding in Fares Village".
In May 2017, Dana announced plans to restructure debt, stating it needed to “focus on short to medium-term cash preservation.” The next month it declared two Islamic sukuk (bonds) totaling $700 million as no longer sharia compliant. Dana refused to make payments on the sukuk (which it had issued in 2013 and were due to mature on 30 October 2017) alleging that "changes in Islamic finance over recent years have made the bonds unlawful in the UAE", but offered to exchange the sukuk with a new one which would "confer rights to profit distributions at less than half of the current profit rates and without a conversion feature". Sukuk holders, represented by fund manager BlackRock and Deutsche Bank, have been arguing against Dana in a London High Court. In October 2017, a court in the emirate of Sharjah in the UAE — where Dana had filed for protection — postponed a ruling on the sukuk.
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Wikipedia