Dana Gas PJSC (the “Company”), announced that its share of Pearl Petroleum Company Limited’s (‘Pearl Petroleum’) collections from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI) rose 74% in the first half of 2019.
Dana Gas, which owns a 35% stake in Pearl Petroleum, saw its share of the collections increase to $80.0 million (AED 293 mm) in the first half compared to $46 million (AED 169 mm) the first half of 2018. As of today.
Dr Patrick Allman-Ward, CEO, Dana Gas, said: “We are thankful for the Kurdistan Regional Government’s prompt payment of receivables. Our flourishing partnership will bring about tangible benefits for the region, including the creation of more jobs and greater confidence in its hydrocarbon sector, which will ensure a flow of revenue into much-needed infrastructure. We look forward to strengthening our collaboration with the Kurdistan Regional Government in the years to come.”