Abu Dhabi – Mubasher: Dana Gas, the largest private natural gas company in the Middle East, said it is currently performing a strategic review of its oil and gas assets in Egypt.
Accordingly, the Sharjah-based firm has appointed financial advisors to consider the possible sale at full value, Dana Gas added in a statement to the Abu Dhabi Securities Exchange (ADX).
The company is also seeking to focus on developing and boosting production at its undeveloped world-class oil and gas resources in the Kurdistan Region of Iraq (KRI), which has over 90% of the company’s 2P reserves.
Moreover, the ADX-listed company noted that it is committed to its Egyptian assets and it will be maintaining its operation in the North African state as usual.
The potential sale process of the assets is still at its early stages and the company will inform the ADX if or when a deal is closed.
It is worth noting that two unnamed sources previously told Reuters that Dana Gas had appointed the US-based investment bank Tudor, Pickering, Holt & Co to advise it on the sale of its Egyptian assets worth more than $500 million.
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.
