Dana Gas makes strong showing at Erbil International Fair 2007

The fair, which is the third in a series of annual events organized by IFP Iraq, featured over 300 exhibitors from 22 countries. Dana Gas actively participated in the fair with a delegation led by the Company's General Manager, Mr. Rashid Saif Al-Jarwan, presenting the current and upcoming projects for Dana Gas in Kurdistan.

In April of this year, agreements were signed in Erbil by His Excellency Nechirvan Barzani, the Prime Minister of the Kurdistan Regional Government, and Hamid Dhiya Jafar, Executive Chairman of Dana Gas, as part of a strategy to advance the considerable economic benefits available to the region through the successful development of its substantial gas resources.

As part of the Strategic Alliance Protocol, the "Kurdistan Gas City" project was launched - a major new gas-utilization industrial complex designed to promote private sector investment in a variety of gas-related industries for optimal use of the region's natural gas resources, which will further benefit the country's citizens through training, job creation, and the promotion of general economic activity.

Dana Gas was also appointed to develop, process and transport natural gas from the Khor Mor gas field, and to appraise the Chemchemal gas field for development, in order to provide urgently-needed natural gas supplies to fuel domestic electrical power generation plants currently under construction near Erbil and Suleymania.

The projects are currently under implementation on a fast track basis, in partnership with Dana Gas' partner Crescent Petroleum, and expected to be completed by early 2008. The first phase joint investment exceeds US$ 400 million, with a further $200 million for project expansion targeted in late 2008.

"I am delighted at the participation of Dana Gas in the third Erbil International Fair, which has given us an opportunity to present Dana Gas as a long-term partner of the Kurdistan Regional Government and of Iraq as a whole," said Mr. Rashid Al-Jarwan, General Manager of Dana Gas.

"Dana Gas feels privileged to play an important hand in the advancement of Iraq and to work with the Kurdistan Regional Government of Iraq in fully utilizing and developing its natural gas resources. As a natural gas company from the Middle East region and for the region, we are able to find and provide ways of strengthening the national economies through gas field development, processing and transportation - all of which are essential components in developing a strong infrastructure and essential services for creating a stable and healthy economy to benefit the people of the Kurdistan Region and all of Iraq."

Dana Gas is currently active in all aspects of the rapidly growing natural gas business in several countries across the Region, with major projects and operations in the UAE, Egypt and most recently in the Kurdistan Region of Iraq, as well as new projects under development in other countries in the Middle East/North Africa/South Asia (MENASA) Region. The Company has just successfully carried out a $1bn convertible Sukuk Offering of Islamic Bonds, which was increased twice in size following strong demand, primarily from international investors.