Saturday, 15 August 2009 at 15:44, Bloomberg
Dana Gas PJSC said second-quarter profit surged more than 10-fold after the United Arab Emirates- based explorer and producer sold a stake in an Iraqi unit to OMV AG of Austria and Hungary’s Mol Nyrt.
Net income jumped to 392 million dirhams ($106.7 million), or 0.065 dirhams a share, from 34 million dirhams, or 0.0056 dirhams, a year earlier, Dana said in an e-mailed statement today. Sales fell 2 percent to 303 million dirhams.
Dana, the largest private gas company in the Middle East, plans to increase gas output 20 percent this year and is developing assets in the Kurdish region in northern Iraq. Dana sold 20 percent of its northern Iraqi unit Pearl Petroleum to OMV and Mol, the statement said. Pearl holds Crescent Petroleum and Dana’s upstream interests in the Kurdistan region.
Crescent and Dana, both headed by Iraqi-born Hamid Jafar, have invested $605 million in developing the Khor Mor gas field in Kurdistan. The new partners plan to invest a further $8 billion to develop the Kurdistan gas network, with the potential to export excess production to Turkey and Europe.
In Egypt, Dana produced 3.19 million barrels of oil equivalent of natural gas in the quarter, the statement said.
The company is also developing the Zora gas deposit in the U.A.E. sheikhdom of Sharjah, where the company is based.
Dana’s shares have doubled this year, giving it a market capitalization of 7.08 billion dirhams. The stock closed at 1.18 dirhams on Aug. 13 in Abu Dhabi, the last day of trading.
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