But the company still doesn’t get paid as readily as it would like.
Dana Gas experienced a 17% increase in production, in the third quarter of 2013, including around 30% increase its Egyptian output.
The North African country contributed 39,350BOEPD to the Company’s average equity production volumes of 66,850 BOEPD in the quarter.
The output is an increase of 17% on third quarter 2012 (57,000 BOEPD) and 8% increase on second quarter 2013 figure (61,700 BOEPD). Egypt’s production alone surged from 30,400BOPD in third quarter 2012, to 39,350 BOEPD in third quarter 2013. Dana Gas’s share of production in Kurdistan Region of Iraq (‘KRI’) for third quarter 2013 remained stable at 27,100 BOEPD, “up 2% quarter-on-quarter and similar to the second quarter 2013 output of 27,000 BOEPD”, the company notes in its earnings report.
But receivables in Egypt are still a sticky issue. Dana Gas collected $8MM (or AED 30MM) in third quarter 2013 against its receivables in third quarter 2012: $ 32MM (or AED 117MM) and, as of 30 September 2013, the trade receivable amount was $298MM or AED 1,093MM, 30 June 2013: $262MM (or AED 960MM). Cash balance, as of 30 September 2013, stood at $184MM (or AED 674MM), 30 June 2013: $216MM (or AED 792MM). Overall trade receivables, as of 30 September 2013, stood at $757MM (or AED 2,775MM).