Crescent Petroleum nearing completion of gas import project into UAE from NIOC

Total investment into the project by both parties will exceed U.S.$ 1 billion, and implementation is over 90% complete.

NIOC has, for its part, already finished laying the 30" gas supply pipeline to Crescent's receiving facilities offshore. And for its part, Crescent is nearing completion of the requisite transmission facilities offshore to transport the gas to Hamriyah and the Sajaa gas hub in Sharjah, including construction of the SajGas plant. Testing of the above facilities is anticipated to commence later this year, and gas flow to begin shortly thereafter.

The Crescent contract with NIOC will be Iran's first cross-border gas supply in the region, and the gas will underpin Crescent's gas supply to Dana Gas for the benefit of contracted end users in the UAE, including the Sharjah Electricity & Water Authority and the Federal Electricity & Water Authority, as well as other industrial users for the benefit of the national economy.

Crescent Petroleum is proud to be associated with Dana Gas and in being a significant founder shareholder in the company. Although Dana Gas will not itself be importing gas from Iran into the UAE, the Company will be an important beneficiary of this gas. Crescent understands that Dana Gas's business will further expand into many other gas resource projects throughout the Gulf Region and that potential acquisitions have already been identified to add to the asset base of the company.

Dana Gas is currently under incorporation as a UAE public joint stock company, and will be the first regional private sector gas resource company in the Gulf. The Company's IPO has been announced to begin on Tuesday 20 September, having already obtained approval from the relevant authorities.