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The First half of 2007 saw Dana Gas complete the US$1.1 billion acquisition of Centurion Energy International in early January, establishing Dana Gas as the 6th largest gas producer in Egypt and launching the company into the exploration and production sector of the Middle East's natural gas industry. Dana Gas also built upon this position in April 2007 by signing important gas agreements with the Kurdistan Regional Government of Iraq.
The Long-term Assets of the Company grew by more than 100% from AED 4.0 billion to AED 8.1 billion during the first half of 2007, with Total Assets increasing 30% to AED 8.8 billion and Shareholders Equity rising to AED 6.86 billion. Net profit for the half year stood at AED 50 million, after one-time transaction fees of approximately AED 20 million and non-cash depreciation charges of AED 114 million, including those related to the Centurion acquisition.
"We are pleased with the continuous and consistent growth in the Company's operations and results," said Mr. Hamid Dhiya Jafar, Executive Chairman of Dana Gas.
"The first half of 2007 has seen Dana Gas achieve several milestones and grow into a major player in the fast-growing Middle East gas industry, with existing strategic positions in the UAE, Egypt and Iraq, and further new projects under development in several other countries across the region, supported by the services of over 300 professional staff located in an international network of offices in the UAE, Egypt, Saudi Arabia, the UK, Canada and now also Iraq. With some major projects coming onstream in the coming year, we look forward to building upon this solid foundation, and to continued future growth and expansion inshallah in the years ahead."
Dana Gas recently announced new gas discoveries in exploration activities in its gas concessions in Egypt's Nile Delta. The Company expects to drill 12 new wells in 2007.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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