Abu Dhabi – Mubasher: Cash flows for Dana Gas currently stand at AED 2.4 billion ($636 million), CEO Patrick Allman-Ward said.

The Sharjah-based gas company's agreement with sukuk holders will cut financing cost, which in return positively impacts the company’s financial results by the end of 2018, Allman-Ward indicated.

He added that the company’s debt ratio was low and did not exceed 0.3%, Al Bayan Newspaper reported. He forecast that new sukuk will be issued by the end of July following the completion of the restructuring process.

Moreover, the CEO said that Dana gas’ average production amounted to around 65,000 barrels of oil equivalent per day (boepd), projecting it would increase to 70,000 boepd by the end of this year, helped by the company’s projects in Egypt and the Kurdistan Region of Iraq.

The company’s average production at AL Zawra gas field totals 1,400 boepd in the first quarter of 2018, he noted.

Dana Gas is currently working on executing additional plans to boost production of Pearl Petroleum in the Kurdistan Region of Iraq by 170% by 2021, which will raise total daily production capacity of Khor Mor field by 580 million cubic feet of gas.