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Dana Gas agrees to $236 million sale of Egypt assets to IPR

Christian Fernsby ▼ | October 26, 2020
Dana Gas agreed to sell its Egyptian oil and gas fields for as much as $236 million, enabling it to repay debt associated with Islamic bonds that mature this month.
Dana Gas
Egypt   Dana Gas
The company, based in the United Arab Emirates, will receive $153 million in cash and as much as $83 million in contingent payments for the sale to IPR Energy Group, it said in a statement.

Topics: Dana Gas

Dana Gas also will take an impairment charge in the third quarter related to the coronavirus pandemic’s impact on its overall business, it said, without disclosing the size of the charge.