Dana Bags Zora Funding

Dana Gas has received a $100mn term facility to finance its Zora gas development offshore Sharjah and Ajman in the UAE, a key step towards bringing the asset online on schedule in the first half of next year. Expected 40mn cfd Zora output will be used for power generation in the northern emirates. The loan will be repaid over four years from first production.

Zora was discovered in 1979 but has remained untapped: Dana parent company Crescent Petroleum and a subsidiary of Norway’s Petroleum Geo-Services (PGS) were set to develop Dora by 2003, but the project was thrown off by the sale of the PGS subsidiary to Sinochem. Dana then picked up the Zora license in 2008. (CONTINUED - 309 WORDS)