Disclosure on Collections from Egypt and Kurdistan Region of Iraq

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Disclosure on Collections from Egypt and Kurdistan Region
of Iraq
THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO
DISCLOSURE AND TRANSPARENCY
23 October 2014
Sharjah, UAE
Dana Gas PJSC has received a total of US$ 83 million (AED 307 million) in
collections in the last few weeks. The Company received US$ 47 million (AED
174 million) against its receivables in Egypt, US$36 million of which is in local
Egyptian Pounds earmarked to settle overdue payables to service providers to
its Egyptian operations. The balance of US$11 million is ring-fenced towards
funding for the previously announced Gas Production Enhancement
Agreement in Egypt wherein it was agreed that the money received would be
reinvested into this project in Egypt going forward.
In relation to its Kurdistan operations, Dana Gas has received a cash advance
amounting to US$ 18 million (AED 66.6 million) as part of its 40% share in the
Pearl Petroleum Joint Venture (PPCL) in the Kurdistan Region of Iraq. This is the
result of the commencement of direct, domestic sales of condensate and LPG
by PPCL and represents a cash advance guarantee against future product
deliveries.
As part of its liquidity management, Dana Gas also completed a 25% sell-down
of its remaining equity holding in MOL and realised gross proceeds of US$18
million (AED 66.6 million).
END
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