By: Mahmoud Gamal

Abu Dhabi – Mubasher: Dana Gas will continue to distribute annual cash dividends to its shareholders, the company’s head of investor relations affirmed on Wednesday.

Speaking to Mubasher, Mohammed Mubaideen explained that the percentage available for making cash distributions, as per the sukuk restructuring agreement, is 5.5% of capital at most.

Cash dividends are linked to the company’s operational and financial performance as well as payments received from Egypt and Kurdistan, the IR head went on.

The conclusion of the sukuk restructuring will save the company around 44% of financing expenses, thus reducing them to less than $20 million a year, the IR head added.

In terms of operating performance, Dana Gas’ expansion and development project in the Kurdistan Region of Iraq (KRI) will added $50 million in profits to the company, Mubaideen said.

He further revealed that Dana Gas had completed the drilling and linking of the Balsam 8 well in Egypt, which is expected to add more than 5,000 barrels of oil equivalent per day to the company’s production.