Abu Dhabi – Mubasher: Dana Gas saw net losses of AED 69 million ($19 million) in the January-June period of 2020, compared to net profits of AED 513 million ($140 million) in the same period of 2019.

The net losses are driven by $37 million impairment charges related to oil and gas assets in Egypt, amid low oil prices and decreased value of financial assets, according to a press release on Thursday.

The company's revenues dropped by 25% to AED 664 million ($181 million) in the first half (H1) of 2020 from AED 887 million ($242 million) in the same half of 2019 due to lower realised prices and lower production in Egypt as a result of a decrease in natural fields.

The company's average production reduced by 7% to 63,250 barrels of oil equivalent per day (boepd) in H1-20 from 68,200 boepd in H1-19.

The basic loss per share settled at $0.003 in H1-20, versus $0.020 in H1-19.

In the second quarter (Q2) of the current year, the company's net losses reached $36 million, compared to $105 million net profits in Q2-19.

On the other hand, the company achieved net profits after tax of AED 62 million ($17 million) in the first quarter (Q1) of 2020, down from AED 128 million ($35 million) in Q1-19.

Commenting on the company's performance, the CEO of Dana Gas, Patrick Allman-Ward, said: "Our gas sales account for approximately half of the Company’s income and are sold under long-term gas sale contracts with host governments, providing us with sustainable revenues even when oil prices are low."