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.
