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.

UAE’s Dana Gas hires adviser to sell Egypt assets - MIDDLE EAST MONITOR

July 28, 2019 at 11:24 am

United Arab Emirates’ Dana Gas has hired investment bank Tudor, Pickering, Holt & Co. (TPH) to advise it on the sale of its Egyptian assets, worth over $500 million, two sources familiar with the matter said, as the company shifts its focus to its Kurdistan operation, Reuters reported in an exclusive on Sunday.

The Abu Dhabi-listed energy producer – whose main assets are in Egypt and in the Kurdistan Region of Iraq (KRI) – has been considering an alternative listing in London, and focusing on a single geographical area could be appealing to future investors in the company, said one of the sources. The sources did not wish to be identified because the information has not been made public.

A spokesman for Dana Gas declined to comment while TPH did not immediately respond to a request for comment, sent outside working hours.

Dana’s exploration and production assets in Egypt are onshore the Nile Delta except for Block 6 in the Eastern Mediterranean Sea.

In May Dana began drilling at the offshore Merak well in Block 6, saying it could hold up to 4 trillion cubic feet of gas.

On Sunday Dana said in a bourse filing that the drilling has not found commercial hydrocarbons and that the well is being abandoned. It added its operations in Egypt continue production normally.

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Οι αλλαγές δικαιωμάτων στο τεμάχιο 12 και η οικονομική εκτίμηση της συμφωνίας με BG

Τις τελευταίες εβδομάδες υπήρξαν σημαντικές εξελίξεις στην κυπριακή ΑΟΖ: Η BG Group (BG) απέκτησε το 35% των δικαιωμάτων εξόρυξης στο Θαλασσοτεμάχιο 12, το οποίο περιλαμβάνει και το κοίτασμα Αφροδίτη. Η Total επαναβεβαίωσε το ενδιαφέρον της να επιμηκύνει το συμβόλαιό της με την Κυπριακή Δημοκρατία για συνέχιση των ερευνών στο Θαλασσοτεμάχιο 11. Η Κύπρος και το Ισραήλ συναντήθηκαν για να οριστικοποιήσουν τη μεταξύ τους συμφωνία συνεκμετάλλευσης του κοιτάσματος στο Θαλασσοτεμάχιο 12.

Παρόλο που παραμένουν να ολοκληρωθούν τα διαδικαστικά θέματα και να εξασφαλιστούν οι ανάλογες εγκρίσεις από την κυπριακή Κυβέρνηση, εντούτοις τα πιο πάνω αποτελούν σημαντικά βήματα και έχουν δώσει νέα πνοή και δυναμική στην κυπριακή ΑΟΖ.

Σε αυτό το άρθρο θα ανασκοπήσουμε τις πιθανές επιπτώσεις από τη συμμετοχή της BG στο συμβόλαιο εκμίσθωσης του Θαλασσοτεμαχίου 12.