UAE: Dana Gas repays controversial debt after loan and asset sales

Issue 1113 - 29 Oct 2020

Sharjah-based Dana Gas is due to repay a controversial sukuk at the end of October, following the sale of its Egyptian operations and the signing of a $90m bank loan. On 25 October, Dana Gas announced it was selling its interests in the El Manzala, West El Manzala, West El Qantara and North El Salhiya onshore concessions to IPR Wastani Petroleum, a subsidiary of Texas-based IPR Energy Group, for up to $236m. Of that, $153m will be paid up-front and the rest is contingent on crude prices and production levels in the period to 2023.

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