Dana Gas listed on the Abu Dhabi market fell from its plans to sell its oil and gas assets in Egypt after the terms of a deal did not meet.
The company has explained that it will retain assets and continue operating. Dana Gas is assessing the financial impact of the sale, but said it is expected to be positive on budget, profitability and cash flows over the coming years.
The rights of property, responsibilities and employees will be transferred to the buyer upon completion and obtaining official approval for the waiver contracts for different concessions. The company will keep through its entire company Dana Gas Egypt, with its quotas in metaphysics (Sector 3) and North Arish (sector 6), and the company will effectively implement the largest possible return and enhance its value.
