UAE’s Dana Gas to sell onshore Egypt assets to IPR Energy unit for $236mln

  • Date: 25-Oct-2020
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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UAE’s Dana Gas to sell onshore Egypt assets to IPR Energy unit for $236mln

UAE's energy firm 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 up to $236 million including contingent payments.IPR is a leading private E&P operator in Egypt, with 9 active concessions, and over three decades of expertise in enhancing the recovery of mature producing oil and gas fields."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”)," Dana Gas said in a statement to Abu Dhabi Securities Exchange (ADX).Dr Patrick Allman-Ward, CEO, Dana Gas, said: "Completion of the sale process will allow us to