Dana Gas to sell onshore Egyptian assets to IPR

Dana Gas to sell onshore Egyptian assets to IPR

Dana Gas has entered into a binding agreement with IPR Wastani Petroleum, a member of the IPR Energy Group for the sale of its onshore Egyptian producing oil and gas assets for a consideration of up to $236 million including contingent payments.

IPR is a leading private E&P operator in Egypt, with nine active concessions, and over three decades of expertise in enhancing the recovery of mature producing oil and gas fields.

This transaction is the result of a comprehensive formal sales process initiated pursuant to a strategic review of the Company's Egyptian business, and follows engagement with a number of prospective industry buyers commencing in Q2 2019.

This resulted in four offers being received.  Negotiations with the successful bidder extended over a longer period primarily due to the restrictions that COVID-19 placed