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Dana Gas to sell Kom Ombo stake to Mediterra Energy

Dana Gas to sell Kom Ombo stake to Mediterra Energy
Dana Gas
DANA
1.39% 0.66 0.01
Abu Dhabi-listed Dana Gas has announced that it anticipates selling its stake in the Kom Ombo concession to Mediterra Energy soon, Al Mal newspaper reported.

According to a source in Ganoub El-Wadi Petroleum Holding Co, the estimated transaction value ranges from EGP 42 million to EGP 45 million.

It is worth mentioning that the concession now produces crude oil at a rate from 350 to 400 barrels per day (bpd).

Dana had announced in February that it has sold its remaining 50% stake in Kom Ombo concession, including the Al Baraka and West Al Baraka oil fields, for Mediterra Energy, a subsidiary of Sea Dragon Energy Inc, for around $6.3 million in cash.