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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.
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