Dana Gas Profits Boosted By Arbitration Settlement

UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn.

But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wrangle with Iraq’s Kurdistan Regional Government (KRG) over payments, while oil prices continue to hover around $30/B.

Dana Gas CEO Patrick Allman-Ward told the group’s results conference call on 15 February that a “key contributor” rise was the cash received from Germany’s RWE Supply and Trading following the “amicable settlement” of an arbitration case. Under the settlement, RWE acquired from Dana Gas 5% of the Pearl consortium that operates the Chemchemal and Khor Mor gas fields in the KRG. (CONTINUED - 969 WORDS)

DATA INSIDE THIS ARTICLE

chart Dana Gas Production ('000 B/D Of Oil Equivalent): KRG Rivals Egypt As Key Of Operations
chart The Pearl Consortium's KRG Trade Receivables ($MN, End Of Period)
chart Dana Targets 15% Output Hike From 4Q15 Volumes In 2016 ('000 BOE/D)
chart Dana Gas Egypt Receivables Fall In Q4; Balsam Boost Stabilises Production
chart Dana Gas Capital Spending ($MN)