Abu Dhabi – Mubasher: Dana Gas’ stock, listed on the Abu Dhabi Securities Exchange (ADX), has acquired 40% of the stock market’s liquidity early Monday.

By 11:00 am UAE time, the stock, down 0.95% to AED 1.05, has seen a trading volume of 21.35 million shares exchanged at a turnover of AED 22.55 million through 148 transactions.

Earlier this day, the largest private natural gas company in the Middle East said that its share of Pearl Petroleum Company Limited’s collections from the sale of condensate, liquefied petroleum gas (LPG) and gas in the KRI increased by 74% in the six-month period ended June 2019.

The company’s share of Pearl Petroleum’s collections stood at $80 million (AED 293 million) in the first half of 2019, compared to $46 million (AED 169 million) in H1-18.

Moreover, two sources told Reuters that Dana Gas appointed the US-based investment bank Tudor, Pickering, Holt & Co. to advise it on the sale of its Egyptian assets worth more than $500 million.

On Sunday, Dana Gas announced it had completed its drilling operations at the deep-water Merak-1 well, located in 755 metres of water in the North Al Arish (Block 6) concession in Egypt.

The ADX-listed company also revealed that Merak-1 well has been plugged and abandoned and that at least three other independent prospects with material resource potential at the Block 6 Concession area are unaffected by the well’s results.