Dana Gas receives dues worth $40 million from Egypt

Regional natural gas company Dana Gas received $40 million in dues from the Egyptian government, the company said in a press release issued Monday.

This brings the company's total receipts from the Egyptian government to $88.8 million in the first half of 2018.

“It is a timely cash boost and highlights the government's publicly stated commitment to substantially reduce the petroleum companies' receivables during 2018,” Dana Gas CEO Patrick Allman-Ward said.

The company will use the cash to contribute to the growth of its projects, including drilling Balsam-8 in the company’s development lease onshore in the Nile Delta to increase production.

“Our primary focus remains on increasing production and drilling our first offshore well in Block 6, due to commence in early 2019. Block-6 is highly prospective and contains several material prospects with multi-Tcf potential,” Allman-Ward added.