Sharjah: Dana Gas PJSC, the Middle East's largest regional private-sector natural gas company, has announced its quarterly results as at March 31, posting revenues from sales of hydrocarbons of Dh247 million.
This represents a nine per cent decrease over the same period last year, from similar production volumes, due to lower liquefied petroleum gas and condensate realised prices. Gas contract payments from Egypt helped to minimise the decrease.
Gross profits increased by 64 per cent to Dh68 million compared to the same period last year, despite the decline in revenue - mainly due to condensate sales from the company's operations in the Kurdistan region of Iraq.
Earnings before interest, tax, depreciation, amortisation and exploration was positive at Dh113 million and reflects the positive cash generation during the first quarter. The group incurred a net loss of Dh32 million in the first quarter after finance costs of Dh57 million and tax charges of Dh30 million as compared to a net profit of Dh25 million in the same period last year, when the company generated a profit from the disposal of its interest in a West Gharib concession.
Dana Gas' oil and gas production in Egypt ended the quarter with production of 2.66 million barrels of oil equivalent (MMboe), as compared with 2.65MMboe for the same period last year. The company successfully brought the El Basant field on stream on March 31, thereby increasing production through its El Wastani gas plant in the Nile Delta region of Egypt to 170 million standard cubic feet of gas per day (MMscfd).
Total production in Egypt in April 2009 reached 35,000 barrels of oil equivalent per day, a 20 per cent increase on the average rate achieved during 2008. This increase in production will be reflected in the company's results for the second quarter of 2009.
In the Kurdistan region of Iraq (where Dana Gas has a 50 per cent working interest), gross gas production from the Khor Mor Field stood at 85 MMscfd, together with gross condensate production of 4,300 barrels of oil equivalent per day, which is being produced through early production facilities.