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Dana Gas, the largest private gas company in the Middle East, said its shareholders had approved the board’s recommendation at the company’s annual general meeting to pay a further cash dividend of 4.5 fils per share for the second half of the financial year ending Dec. 31, 2022.
Shareholders holding shares as of May 4 will be eligible for the interim dividend. The company said in a statement that it expects to pay shareholders on May 25.
The payment will bring the total dividend payout for the full year to AED630 million ($172 million) or 9 fils per share, a 12.5 percent increase compared to the 2021 dividend.
The increased spending reflects the company’s strong operating performance this year and higher global energy prices.
“Our shareholders approved the Board’s proposal for a dividend in the second half of 2022, reflecting our strong operating and financial performance throughout the year,” Chairman Hamid Jafar said at the AGM.
“This proposal also reflects our firm belief in the company’s growth prospects, whether in the Kurdistan region of Iraq, where our production is again ramping up, or in Egypt, where we look to maximize the value of our assets through the proposed concession merger, ” he pointed.
The company reported its production for the first quarter of 2023, with average group production increasing to 62,900 bpd. In KRI, first-quarter output rose 9.5% year-on-year and 7.6% quarter-on-quarter.
This is due to a capacity increase at the Khor Mor gas plant of 50 MMscf/d in Q3 2022 following the successful completion of further plant debottlenecking projects. It said total capacity would be 500 MMscf/d by January 2023.
Regarding KRI’s KM 250 gas expansion project, Dana Gas set a new target date of April 2024 for the first gas.
The company also announced that its subsidiary Pearl Petroleum is considering different financing options for the Khor Mor field’s KM-250 expansion project, including a potential bond issue. –trade arab news agency
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