{"id":10269,"date":"2021-04-26T14:00:23","date_gmt":"2021-04-26T14:00:23","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10269"},"modified":"2021-04-26T14:00:23","modified_gmt":"2021-04-26T14:00:23","slug":"dana-gas-terminates-of-agreement-for-sale-of-its-egyptian-assets","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/dana-gas-terminates-of-agreement-for-sale-of-its-egyptian-assets\/","title":{"rendered":"Dana Gas Terminates of Agreement for Sale of its Egyptian Assets"},"content":{"rendered":"<p>Dana Gas PJSC\u00a0 hasannounced the termination of its agreement for the sale of its Egyptian assets, announced on 25th October 2020.<\/p>\n<p>A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties prior to the long stop date of the Sale and Purchase Agreement (SPA), which was Wednesday 14th April 2021. The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6.<\/p>\n<p>As per ADX disclosure requirements, the Company is required to disclose the financial impact of this termination. While the Company is still assessing these in detail, it is expected that there will be positive consequences on the Company\u2019s profitability and balance sheet and improvement in its cash flow in the coming years. These beneficial consequences result from the changed circumstances in the global economy and energy markets.<\/p>\n<p><strong>Dr. Patrick Allman-Ward, CEO, Dana Gas, commented:<\/strong><\/p>\n<p><em>\u201cDana Gas has worked diligently to finalise this transaction. However, satisfaction of the conditions precedent in the SPA proved problematic between the parties.\u00a0 Once the due date for satisfaction of those conditions expired, and after due consideration, the Company resolved to exercise the right to terminate the SPA in accordance with its terms.<\/em><\/p>\n<p><em>\u201cWe have an excellent track record of operating in Egypt over the past 14 years. We remain fully committed to managing these assets for the benefit of all our stakeholders, including the Egyptian Government. We look forward to maximizing the value of both our onshore producing assets and focussing our attention on testing the enormous potential of our offshore Block 6 Concession Area where we are planning to drill an exploration well Q1 2023.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dana Gas PJSC\u00a0 hasannounced the termination of its agreement for the sale of its Egyptian assets, announced on 25th October 2020. A number of conditions precedent to the transaction could &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/dana-gas-terminates-of-agreement-for-sale-of-its-egyptian-assets\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[284,8580,709],"class_list":["post-10269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-block-6","tag-dana-gas","tag-egypt","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/Egypt-Dana-Gas.png?fit=1063%2C851&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2FD","jetpack-related-posts":[{"id":10641,"url":"https:\/\/www.oilnewskenya.com\/index.php\/dana-gas-wins-arbitration-on-sale-of-egypt-assets\/","url_meta":{"origin":10269,"position":0},"title":"Dana Gas Wins Arbitration on Sale of Egypt Assets","author":"","date":"July 27, 2021","format":false,"excerpt":"Dana Gas has received an award in its favour from the London Court of Arbitration (LCIA). on the arbitration\u00a0 initiated on 28 April 2021 by IPR Wastani Petroleum Ltd. a member of the IPR Energy Group, in relation to the Sale and Purchase Agreement (SPA) for the sale of oil\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/DANA-GAS-EGYPT.png?fit=848%2C849&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/DANA-GAS-EGYPT.png?fit=848%2C849&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/DANA-GAS-EGYPT.png?fit=848%2C849&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/DANA-GAS-EGYPT.png?fit=848%2C849&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9316,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-dana-gas-sells-its-egyptian-assets-to-ipr-wastani-petroleum-ltd\/","url_meta":{"origin":10269,"position":1},"title":"EGYPT: Dana Gas Sells its Egyptian Assets to IPR Wastani Petroleum Ltd","author":"","date":"October 25, 2020","format":false,"excerpt":"Dana Gas PJSC has announced that it has entered into a binding agreement with IPR Wastani Petroleum Ltd, a member of the IPR Energy Group\u00a0for 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\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-Dana.png?fit=1063%2C851&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-Dana.png?fit=1063%2C851&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-Dana.png?fit=1063%2C851&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-Dana.png?fit=1063%2C851&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-Dana.png?fit=1063%2C851&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14815,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-energean-announces-termination-of-strategic-sale-of-abu-qir-north-east-almreya-and-north-idku-concessions\/","url_meta":{"origin":10269,"position":2},"title":"EGYPT: Energean Announces Termination of Strategic Sale of Abu Qir, North East Almreya and North Idku Concessions","author":"","date":"March 21, 2025","format":false,"excerpt":"Energean has provided an update on the proposed sale of its portfolio in Egypt to an entity controlled by Carlyle International Energy Partners.Energean says it has not been able to reach agreement with Carlyle to extend the longstop datebeyond 20 March 2025. Accordingly, the Company has today terminated the SPA\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/Egypt-Energean-Assets.png?fit=779%2C832&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/Egypt-Energean-Assets.png?fit=779%2C832&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/Egypt-Energean-Assets.png?fit=779%2C832&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/Egypt-Energean-Assets.png?fit=779%2C832&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11492,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-dana-gas-receives-lowest-payment-since-commencing-cperations\/","url_meta":{"origin":10269,"position":3},"title":"EGYPT: Dana Gas Receives Lowest Payment Since Commencing Cperations","author":"","date":"January 3, 2022","format":false,"excerpt":"Dana Gas has received a payment of $39 million from the Egyptian Government in December, reducing the Company\u2019s receivables from the North African state below $30 million, to its lowest levels since commencing operations there in 2007. This most recent payment complements what has already been a year of significant\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/EGYPT-Dana-Gas.png?fit=1063%2C851&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/EGYPT-Dana-Gas.png?fit=1063%2C851&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/EGYPT-Dana-Gas.png?fit=1063%2C851&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/EGYPT-Dana-Gas.png?fit=1063%2C851&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/EGYPT-Dana-Gas.png?fit=1063%2C851&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":15427,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-dana-gas-reports-further-success-onshore-c-with-a-significant-discovery\/","url_meta":{"origin":10269,"position":4},"title":"EGYPT: Dana Gas Reports Further Success Onshore C with a Significant Discovery","author":"","date":"December 15, 2025","format":false,"excerpt":"Dana Gas PJSC has announced the successful drilling of the North El-Basant 1 exploratory well in Egypt\u2019s onshore Nile Delta, confirming a significant new gas discovery. Initial well results indicate estimated reserves of 15 \u2013 25 billion cubic feet (bcf) of gas, withproduction expected to exceed 8 million cubic feet\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/Egypt-Dana-Gas.png?fit=929%2C923&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/Egypt-Dana-Gas.png?fit=929%2C923&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/Egypt-Dana-Gas.png?fit=929%2C923&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/Egypt-Dana-Gas.png?fit=929%2C923&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-acquires-interests-in-6-concessions-in-western-desert\/","url_meta":{"origin":10269,"position":5},"title":"EGYPT: Apex International Energy Acquires Interests in 6 Concessions in Western Desert","author":"","date":"January 11, 2023","format":false,"excerpt":"Apex International Energy (Apex) today announced that it had acquired interests in four concessions in the Western Desert oil producing region of Egypt from IEOC Production B.V. (IEOC), a unit of Eni S.p.A. Two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10269"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10269\/revisions"}],"predecessor-version":[{"id":10271,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10269\/revisions\/10271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10270"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}