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Dana Gas profits up on increased production

Dana making progress on outstanding receivables.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 6, 2014 at 9:44 AM

SHARJAH, United Arab Emirates, Aug. 6 (UPI) -- Emirati energy company Dana Gas said Wednesday its second quarter profits soared in part because of the 17 percent increase in production.

"The focus on operational performance has seen us achieve better operating profits and margins, revenues and a 17 percent increase in production output in the second quarter," Chief Executive Officer Patrick Allman-Ward said in a statement.

The company said overall production reached 72,200 barrels of oil equivalent per day during the second quarter, up from the 61,700 boe per day reported during the same period last year.

In Egypt, the company's natural gas production rose to 42,950 boe per day, while operations in the Kurdish north of Iraq rose by 7 percent to 28,800 boe per day.

Dana last month said it was successful with its case in an international court of arbitration in London against the semiautonomous Kurdish government of Iraq for regular payments due to the company.

"We continue to address and make progress on our overdue receivables," the CEO said.

Dana said second quarter profits rose 70 percent to around $46 million.

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