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FINANCIAL NEWS
Dana Gas revenue jumps by 83pct in Q1
12 May 2017
(MENAFN) Dana Gas, the Mideast’s major regional natural gas firm, has recorded revenue of USD11mn for the first quarter of this year, against USD6mn amid the same period of 2016.
Moreover, the increase was due to increased production, principally in Egypt and higher realized prices, while whole group production was 69.900 barrel of oil.
Additionally, the firm produced USD27mn in free cash flow in the cited period, driven by a reduction in opex and capex and continued discipline on G&A spending.
The recent cash balance, as at 31 March this year was USD298mn, down from USD302mn at year end 2016, while in April the firm repaid the outstanding USD60mn loan on the Zora Gas Field project.
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