Dana Gas has announced the results of its two Board of Directors’ meetings held on Wednesday, November 19, 2014 and Thursday, November 20, 2014.

The Board approved a three-year business plan as well as the Company’s annual budget for 2015, Dana’s statement to the Abu Dhabi Securities Exchange (ADX) revealed, adding that the Board was also briefed on the Management’s plans regarding fundraising activities in order to finance the Company’s future projects and activities.

The Board tackled the current status of the UAE Gas Project as well as “the progress of the stage of quantum determination (losses and damages) following the arbitral award in favour of Crescent Petroleum Company”.

Furthermore, the Board of Directors reviewed the progress of Dana’s projects, operations and productions in the Kurdistan Region of Iraq and Egypt, including the recently awarded blocks in Egypt. The Board also instructed Management to take specific measures to achieve significant reduction in trade receivables.

The Directors concluded the meeting with a discussion of the significant progress achieved in the execution of the Sharjah Western Offshore (Zora) Project.

It is worth highlighting that the Middle East’s leading regional private sector natural gas company had reported a 16% rise in revenue to $541 million during the first nine months of 2014 compared to $466 million the previous year. Net profit in the nine-month period of 2014 reached $129 million compared to $121 million for the same period 2013.

Moreover, profit from operations surged by 57% to $129 million during the nine-month period compared to $82 million during the similar period in 2013, Dana had announced in a previous statement, adding that the figures are such if a one-off gain of $39 million following the partial sale of MOL shares during the first half of 2013 is excluded.