Pearl Petroleum Company Limited has received $21.6 million (Dh79.2 million) from the Kurdistan Regional Government for the sale of condensates during September, according to an announcement by Dana Gas on Monday.
Sharjah-based Dana Gas is a 35 per cent shareholder in Pearl Petroleum and, accordingly, its share of receipts amounted to $7.6 million (Dh27.9 million).
“The continued arrival of these payments on time provides both us and our partners with the confidence to push forward aggressively with our expansion plans,” said Dr Patrick Allman-Ward, CEO of Dana Gas in a statement.
“We are on track to bring on-stream the incremental gas from our debottlenecking project in the next few weeks. This will raise gas production by 25 per cent when fully operational which is expected to add $50 million annually to our bottom line and will further boost local power generation capacity.”
The total collections received by Pearl Petroleum for the year to date is $211 million (Dh773 million) with Dana Gas share being $74 million (Dh271 million).
Pearl has no outstanding receivables in the KRI (Kurdistan Region of Iraq) and all payments are up to date, Dana Gas added.
Listed on Abu Dhabi Securities Exchange, Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq and UAE.
Source: Gulf News