Dana Gas United Arab Emirates-listed company has said that it had abandoned plans to sell onshore oil and gas assets in Egypt after conditions for a transaction could not be met.
The energy company had expected to close the $236 million sale to IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, early this year.
Dana Gas said it terminated the deal after the parties were unable to agree on conditions within the agreed time frame which expired on April 14“Positive consequences on the company’s profitability and balance sheet.Dana Gas has worked diligently to finalize this transaction,”
“However, satisfaction of the conditions precedent in the SPA proved problematic between the parties. Once the due date for satisfaction of those conditions expired, and after due consideration, the company resolved to exercise the right to terminate the SPA in accordance with its term,” Patrick Allman-Ward, CEO, said.
The company said it would now focus on maximizing the enormous potential of the company’s offshore Block 6 concession where it plans to drill an exploration well in the first quarter of 2023.
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