Dana Gas Profit Drops 85%

Dana Gas Profit Drops 85%Dana Gas Profit Drops 85%

Dana Gas—the Middle East’s leading private sector natural gas company—announced revenues of $116 million in the second quarter ended 30 June 2015.

Revenues declined almost 38% year-on-year due to lower hydrocarbon prices, the company said on Thursday.

Net profit after tax was $7 million, down from $46 million during second quarter of 2014, a slide of 85%. Total assets grew to $3.729 billion, Rigzone reported.

Operationally, Dana Gas commenced drilling work on the Balsam-2 development well and Balsam-3 appraisal well in Egypt, which represent the first operations of a major drilling and work-over campaign as part of the Gas Production Enhancement Agreement work commitment.

The company has also completed a participation agreement with BP for drilling one exploration well in El Matariya onshore concession. Dana Gas continues to make progress on its Zora gas field project in the UAE’s Sharjah & Ajman Emirates, with first gas expected to go on stream in the second half of 2015, the company announced.

 “Despite the steep fall in global oil prices over the past year and events in the region, Dana Gas has remained profitable and strengthened its operations with new investments,” Patrick-Allman Ward, CEO of Dana Gas, said.