Dana Gas Posts Q3 Net Loss

12 November 2009 (Last Updated November 12th, 2009 18:30)

UAE-based Dana Gas has posted a net loss of $21m (AED79m) for the three months ending 30 September, compared with a net profit of $7m (AED26m) for the third quarter of 2008. The loss was attributed to exploration write-offs and impairment provisions for three wells in the Egyptian explo

UAE-based Dana Gas has posted a net loss of $21m (AED79m) for the three months ending 30 September, compared with a net profit of $7m (AED26m) for the third quarter of 2008.

The loss was attributed to exploration write-offs and impairment provisions for three wells in the Egyptian exploration programme, which required an investment of $29.95m (AED110m).

Dana registered a net profit of $77m (AED281m) for the nine months ending 30 September, compared to $23m (AED85m) for the same period last year.

The company's revenue for Q3 2009 was $98m (AED359m), representing a 12% rise compared to $88m (AED320m) recorded in the same period last year.

The increase in revenue was attributed to higher oil and gas production during the third quarter.

Dana's revenue for the first nine months of 2009 was $248m (AED909m) compared to $246m (AED901m) posted in the same period in the previous year.

The company's oil and gas production for Q3 was 3.8 million barrels oil equivalent (BOE) compared to 2.5 million achieved in the corresponding period in 2008.