Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has announced results for the quarter ended 31 March 2008, posting growing revenues from oil and gas production of AED 272 million, a 35% increase over the same period last year.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), reflecting cash flows from operations for the first quarter of 2008 increased by 45% to AED 142 million compared to AED 98 million in the same period last year. Net profit for the quarter was AED 25 million, after finance charges of AED 73 million and non-cash depreciation charges of AED 82 million; representing an increase of 19% over the same period last year.
"In 2008 Dana Gas expects to achieve rapid growth after the solid foundations established by the Company in 2007. The UAE and Kurdistan Gas Projects are both expected to start up by the middle of this year and in Egypt we are also implementing an active USD 170 million drilling campaign of 19 new wells which we anticipate will significantly increase our reserves and production," said Mr Hamid Jafar, Executive Chairman of Dana Gas, who added:
"In addition, the first quarter of this year has already seen Dana Gas significantly expand its existing position in the UAE to the exploration and production of natural gas, as we recently entered into a 25 year concession agreement for exploration and development of gas in an area of over 1,000 sq km offshore Sharjah, including development of the discovered Zora Gas Field, marking the Company's first entry into the exploration and production of gas in the GCC, and also its first offshore operations.
We look forward to continued growth and achievements in 2008 and beyond, with the skills of our staff and the support of our esteemed shareholders." -PR
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