Texan Company and Dana Gas cancel $236 million Egyptian deal
Published 25 Apr,2021 via Bloomberg Markets - Dana Gas PJSC’s $236 million deal to sell oil and gas blocks in Egypt to Texan company IPR Energy Group has fallen through.
The agreement between the two firms, announced in October, was terminated after they failed to finalize terms, Dana Gas said in a statement on Sunday to the Abu Dhabi stock exchange.
Dana Gas said it will now keep the assets, which accounted for output equivalent to 31,000 barrels a day of oil in 2019. The company, one of the Middle East’s biggest private-sector gas producers, will also drill an exploration well in the offshore Block 6 in the first quarter of 2023.
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