Abu Dhabi – Mubasher: Dana Gas said that it is currently awaiting the Arbitral Tribunal decision regarding monetary dues owed by the Kurdistan Region Government (KRG) to the company, according to filing to the Abu Dhabi Securities Exchange (ADX) on Sunday.

In a consortium, the UAE firm along with Crescent Petroleum and Pearl Petroleum Company Limited, had filed an international arbitration case in October 2013, before the London Court of International Arbitration (LCIA).

The Arbitral Tribunal convened on 21 September 2015 to discuss and determine the consortium’s monetary claim against the KRG for outstanding unpaid invoices for the produced condensate and LPG as at the end of May 2015 as per the pricing methodology determined by the Award, Dana revealed in its filing.

As scheduled, the hearing took place in the British capital before the LCIA.

“The Arbitration Tribunal considered the parties’ claims and their submissions [and] will inform the parties of their ruling in due course,” Dana added.

This bourse filing comes as a response to a request made by a UAE regulator, the company noted.

The Abu Dhabi-based international gas firm previously posted a net profit of AED 69 million ($19 million) in the first half of 2015, registering a sharp drop of 79% from AED 333 million ($91 million) in H1-14. Second quarter profits slid 85% to AED 25 million ($7 million), compared to AED 169 million ($46 million) in the same period the year before.