UAE-based Dana Gas says it has taken two impairment charges totaling $400mn on its Egypt assets, following the agreement last month to sell the key producing part of the acreage to Texas-based IPR last month (MEES, 30 October).

“A total non-cash impairment charge of $243mn was taken in relation to our Egyptian operating assets in 2020 and a further $163mn non-cash impairment of Goodwill following the sale of the Company’s onshore assets in Egypt,” the firm said during its Q3 results on 12 November. (CONTINUED - 392 WORDS)