Receivables fully settled in Egypt

Dana Gas PJSC, a leading natural gas company in the Middle East, announced on Tuesday encouraging results from its drilling operations in Egypt, along with receiving additional payments from Egypt totaling AED 79 million (US$21.5 million). As a result of these payments, and previous payments received, the Company has settled all outstanding receivables in Egypt. These payments also reflect the Egyptian government's commitment to settling all outstanding payments in full and on schedule.

Strong cooperation and investment momentum

Dana Gas’s progress in Egypt is the result of several factors, including the improved financial framework established by the Consolidation Agreement, constructive cooperation with the Egyptian government, the settlement of all outstanding receivables, and the company’s continued investment in its asset base. The settlement of receivables, along with regular payments, has strengthened the company’s confidence to continue investing in Egypt. This aligns with the government’s ongoing efforts to encourage investment in exploration and production activities, increase domestic gas production, and reduce reliance on imported liquefied natural gas (LNG).

$100 million investment programme and production growth

Dana Gas continues to implement its $100 million investment programme, which aims to stabilise production and return the company to a growth trajectory. Production returned to growth in the first quarter of 2026, with average output increasing by 4% year-on-year to 13,060 barrels of oil equivalent per day (boepd), marking the first increase since 2017.

Drilling results and future expansion

In 2025, the company successfully drilled four wells and completed three additional well completions, adding approximately 30 million standard cubic feet per day (MMscfd) to production and 36 billion cubic feet (Bcf) to reserves.

Recent drilling operations have significantly exceeded expectations, with the latest well indicating estimated gas reserves of 10 Bcf, well above the initial estimate of 3 Bcf. This provides further development and exploration opportunities within its Nile Delta concession area, expected to add around 12 Bcf of future gas resources upon development. The company also plans to drill four additional wells before the end of 2026.

CEO commentary

Richard Hall, CEO of Dana Gas, said the settlement of all outstanding payments by the Egyptian government and the return to full and timely payments strengthen confidence to continue investing in Egypt, adding that recent operational success reflects the impact of the company’s ongoing investment programme.