Dana Gas, the Sharjah-based producer, has struck gas in Egypt.
The company estimates that the reservoir it found in the Nile Delta holds up to 6 billion cubic feet of gas. It is the company's second find in Egypt this year.
"The well is an excellent start to 2012 drilling in the Nile Delta. We still have a sizeable portfolio of drillable prospects and our exploration activity will continue throughout the year, as will our development activities," said Patrick Allman-Ward, the general manager at Dana Gas in Egypt. The company is the sixth largest producer in Egypt.
Sluggish and insufficient payments in Egypt and in Kurdistan, home to Dana's primary production sites, have thrown the company's finances into turmoil. Questions have been raised over its ability to repay the principal of a US$1 billion (Dh3.67bn) sukuk that matures at the end of the month.
The sukuk is secured against assets in Egypt and the UAE, where Dana has pursued a pipeline project to import gas from Iran. Analysts said these assets were not valuable enough to force Dana's hand in the repayment negotiations. A recent announcement by the Kurdish Regional Government that about $1bn will be doled out as payments for oil and gas production has left investors encouraged that the company's finances will improve.
Dana's first-half net profit increased by 79 per cent on the year to Dh387 million.
fneuhof@thenational.ae
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
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Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20specs%3A%202024%20Mercedes%20E200
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