Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), has appointed the US-based investment bank Tudor, Pickering, Holt & Co. (TPH) to advise it on the sale of its Egyptian assets worth more than $500 million, Reuters reported, citing two sources familiar with the matter.
The Sharjah-based private gas company currently considers an alternative listing in London and focusing its business in a single geographical area that could attract future investors, one of the sources said.
On Sunday, Dana Gas, which has main assets in Egypt and the Kurdistan Region of Iraq (KRI), revealed that it had completed its drilling operations at the deepwater Merak-1 well in the North Al Arish (Block 6) concession in Egypt.
The well has been plugged and abandoned as it was not found commercial.
In May, the ADX-listed firm announced it had begun drilling operations at its Egypt’s offshore Merak-1 well.
It is worth noting that Dana Gas recently unveiled that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the KRI grew by 10% following the recent certification of reserves by Gaffney Cline Associates (GCA).
The total share for Dana Gas increased to 1,087 million barrels of oil equivalent (MMboe) from 990 MMboe when GCA first certified the fields in April 2016, according to an independently audited report conducted by Gaffney Cline on behalf of Pearl Petroleum.
Earlier this day, the largest private natural gas company in the Middle East said that its share of Pearl Petroleum Company Limited’s collections from the sale of condensate, liquefied petroleum gas (LPG) and gas in the KRI increased by 74% in the six-month period ended June 2019.
The company’s share of Pearl Petroleum’s collections stood at $80 million (AED 293 million) in the first half of 2019, compared to $46 million (AED 169 million) in H1-18.
