UAE's Dana Gas receives bids for Egyptian assets - REUTERS

FEBRUARY 12, 2020 / 8:51

DUBAI (Reuters) - United Arab Emirates-based Dana Gas (DANA.AD) said on Wednesday it has received bids from some companies for its assets in Egypt.

“We have received a number of bids from a number of companies,” the company’s CEO Patrick Allman-Ward said on an earnings call, declining to say how many bids or from which companies.

The CEO said a final decision had not been taken on whether the company will sell its Egyptian assets. He said offers would be submitted to the company’s board for review and that a decision is expected by the end of March.

Allman-Ward said the company would cover its outstanding sukuk, or Islamic bonds, of $397 million, due on Oct. 31, with the potential sale of its Egypt assets.

The company is in talks with banks to refinance the sukuk if the sale does not cover the whole amount, or if there is no sale, he said.

“We received bids for the entire package of onshore and offshore” assets in Egypt, the CEO said, adding that the bidders were given flexibility to only bid for development leases and exclude exploration deals.

Eni not interested in acquiring Dana Gas Egypt portfolio - ENTERPRISE

Tuesday, 12 November 2019

M&A WATCH- Italy’s Eni is not looking to acquire the Dana Gas’ assets in Egypt, Eni CEO Claudio Descalzi tells Bloomberg TV (watch, runtime: 7:14). 

Descalzi stressed that Eni is satisfied with its portfolio for the time being and plans to focus on developing current assets before biting off more. 

Dana Gas had received offers for buying its assets in Egypt and expects to make a decision on the sale after bidding closes by mid-November to focus its resources on its assets in Kurdistan. 

The company was looking to complete the sale in one transaction, but is also considering only a partial sale, which hinges on the offers presented.

Dana Gas could sell off its entire Egypt portfolio - ENTERPRISE

Thursday, 12 September 2019

The UAE’s Dana Gas has received offers from companies interested in buying its USD 500 mn Egypt portfolio, the company’s head of investor relations Mohammed Mubaideen told Mubasher. The company could potentially sell all of its assets in Egypt, depending on the offers it receives, Mubaideen said, adding that the deadline to receive offers is mid-November. The energy company currently produces 34k boe/d. Mubaideen said the Egyptian government has repaid the company USD 81 mn during the first half of the year and brought its arrears down to USD 117 mn. He reiterated that the reason behind the company’s exit is to focus on potentially more lucrative operations in Iraq.

Background: The Emirati company said in July it had hired financial advisors to study the possibility of selling down its Egypt asset portfolio. Unnamed sources told Reuters that the company hired investment bank Tudor, Pickering, Holt & Co. (TPH) to advise it on the sale. The company had previously said it would abandon its Merak-1 well in the North Arish concession after failing to find commercial hydrocarbons, but that it plans to invest in drilling in the El Matareya concession in the Nile Delta.