Abu Dhabi – Mubasher: Dana Gas on Tuesday said its receivables from the Egyptian government contributed to its profit growth during the first half of 2017.

The Sharjah-based gas company also announced plans to drill three exploration wells on Block 1 in Egypt in Q4-17 as part of its concession activity commitment.

Dana Gas Egypt’s production output grew by 13% higher on a semiannual basis, to 39,300 barrel of oil equivalent per day (boepd) in H1-17 up from 34,850 boepd in the previous six-month period.

The Company also recorded a 3% jump in Q2-17 production, to 37,650 boepd in Q2-17 versus 36,550 boepd in the same period last year.

Dana also revealed that the planned shutdown of the El Wastani Gas Plant was successfully completed in June 2017, as there was a complete shutdown for five days for critical inspection and maintenance and a further partial shutdown for four days.

“The work was conducted by Egyptian contractors and the work was concluded with no recordable incidents or environmental spills, reflecting an excellent health, safety, security and environment (HSSE) performance,” the statement noted.

“The shutdown was necessary for the Company to improve plant performance and allow it to maintain production at just under 40,000 barrels per day until the end of the year,” the company added.

Dana has started preparation work on the 100%-owned North El Salhiya concession for its drilling campaign in Q4-17.

Work is also progressing regarding the North El Arish offshore concession in the Eastern Nile Delta, with drilling scheduled for early 2018, according to the company’s statement.

Earlier on Tuesday, Dana Gas reported a 71% year-on-year surge in net profit after tax to $12 million (AED 43 million) in Q2-17, a rise from $7 million (AED 26 million) in Q2-16.

The company’s net profit after tax also jumped 77% to $23 million (AED 83 million) in H1-17, versus $13 million (AED 48 million) in H1-16.