Dana Gas sells onshore Egypt production business worth $236 million

Dana Gas sells onshore Egypt production business worth $236 million

Dana Gas is pleased to announce that it has entered into a binding agreement with IPR Wastani Petroleum Ltd, 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 9 active concessions, and over 3 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.