Abu Dhabi
A board of directors meeting of Dana Gas was held at company’s head office in Sharjah on Wednesday. In a disclosure filed on Abu Dhabi bourse, the company said that the directors reviewed the progress of its projects, operations and production in Egypt and Kurdistan region of Iraq.
The board commended management on maintaining operations and supply of gas to the power stations in Kurdistan uninterrupted despite the alarming security situation which forced other operators and contractors to evacuate their staff from Kurdistan.
The directors reviewed action taken by management during the last quarter to expedite collection of the company’s outstanding receivables from operations in Egypt and Kurdistan. The board directed management to intensify efforts to achieve significant reduction in trade receivables.
The directors were briefed on management’s plans regarding fundraising to finance the company’s future projects and activities. The board referred the matter to a special ad hoc committee and delegated to it the authority to decide the optimum option and to call for an extraordinary general assembly if deemed necessary.
The board also received a report on the current status of UAE gas project in light of the recent arbitral award in favour of Crescent Petroleum, a report on the progress of the arbitration proceedings to which the company is a party.
