Dana Gas sells Egypt assets to IPR Energy unit for $236mn

Dana Gas sells Egypt assets to IPR Energy unit for $236mn

SHARJAH / WAM Dana Gas announced that it has entered into a binding agreement with IPR Wastani Petroleum Ltd, a member of the IPR Energy Group (IPR) 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 9 active concessions, and over 3 decades of expertise in enhancing the recovery of mature producing oil and gas fields. The company said in a press statement that this asset sale is in line with Dana Gas' strategic goals of strengthening its balance sheet and focusing on the development of its world class assets in the Kurdistan Region of Iraq (KRI). Under the terms of the sale, the consideration comprises: