Dana Gas announces sale of Egypt assets to IPR for $236 million

Dana Gas announces sale of Egypt assets to IPR for $236 million

UAE-based energy firm Dana Gas announced the sale of its onshore assets in Egypt for as much as $236 million, allowing it to repay debt associated with Islamic sukuk (Islamic sharia bonds), which expires in October, and focus on its leading operations in Iraq's Kurdistan (KRI).

According to an official statement, the transaction entitles Dana Gas to receive $153 million, including the net working capital associated with the assets before any closing adjustments, and contingent payments of up to $83 million depending on global oil prices for the sale to IBR Energy Group.

The transaction includes Dana Gas' full working interests in El-Manzala, West El-Manzala, West El-Qantara, and North El-Salhiya onshore concessions and associated development leases.

IPR Energy's unit IPR Wastani Petroleum, one of the four bidders seeking