Dana Gas PJSC
TypePublic
ADX: DANA
ISIN
IndustryOil and gas
Founded2005 (2005)
Headquarters
Sharjah
,
United Arab Emirates
Areas served
Key people
  • Hamid Dhia Jafar (Chairman)
  • Patrick Allman-Ward (CEO)
  • Chris Hearne (CFO)
ProductsNatural gas
RevenueIncreaseUS$470 million (2018)
DecreaseUS$-186 million (2018)
SubsidiariesPearl Petroleum (35%)
Websitedanagas.com

Dana Gas PJSC is a publicly traded natural gas company, based in Sharjah, United Arab Emirates (UAE). Incorporated and listed on the Abu Dhabi Securities Exchange in 2005, Dana Gas is the largest non-government owned natural gas company in the Middle East, with operations in Egypt, Iraqi Kurdistan, and the UAE. The company and Crescent Petroleum have equal stakes in the Pearl Petroleum consortium. Hamid Dhia Jafar and Patrick Allman-Ward serve as chairman and chief executive officer of Dana Gas, respectively.

History

Dana Gas was incorporated and listed on the Abu Dhabi Securities Exchange in 2005 with founder shareholders being Crescent Petroleum, the Sharjah government, and hundreds of regional businesses and other individuals.[1][2] The original project was to supply gas to the northern Arab Emirates from Iran based upon a gas supply agreement that was made between Crescent Petroleum and the National Iranian Oil Company (NIOC) in 2001.[3]

In January 2007, Dana acquired Calgary-based Centurion Energy in the US$1 billion deal.[3][4] Centurion had assets in Egypt, Tunisia, and West Africa at the time.[5][6] Dana Gas raised $1 billion in convertible Islamic bonds, or sukuk, in London in 2007.[2][3]

The 25-year agreement made between Crescent Petroleum and the NIOC resulted in completion of a pipeline from the Salman field to Sharjah. However, the pipeline has remained mostly unused because of allegations of corruption and a legal dispute.[7] The pipeline was used briefly in 2010 when the NIOC sent gas to Dana Gas' Sharjah facility for testing purposes.[8] In 2014, an international tribunal determined the agreement was binding, and NIOC should have been supplying gas since 2005 and should pay damages. As of late 2017, the parties (including Dana Gas) were awaiting the results of an arbitral tribunal in The Hague, following hearings to decide on the amount of damages that should be paid by NIOC to damaged parties to compensate for failing to supply the gas.[9][10]

In May 2009, Dana Gas and Crescent Petroleum signed an agreement with MOL, OMV and RWE, shareholders of the Nabucco pipeline project, to create Pearl Petroleum for developing gas fields in Iraq's Kurdistan.[11] As part of Pearl Petroleum, Dana Gas has had multiple disputes over rights and payments with the Kurdistan Regional Government (KRG). In 2013, Pearl Petroleum submitted a case against the KRG in the London Court of International Arbitration (LCIA), alleging the ruling body underpaid for gas liquid production and were denying other contractual rights.[12][13] In November 2015, a London court ruled in the consortium's favor, confirming contractual rights for sole development and awarding damages for overdue payments totaling $1.98 billion. Another London court determined the KGR did not have sovereign immunity,[14] and ordered full payment of $100 million within 30 days, but the parties agreed to a payment schedule.[15][16] Dana Gas and RWE settled their dispute out of court, resulting in RWE acquiring a 10% stake in Dana Gas for an undisclosed amount.[14] In February 2017, the LCIA determined the KRG had prevented Dana Gas from developing the Chemchemal and Khor Mor reservoirs, per the 2007 agreement. The court ordered the KRG to pay approximately $121 million plus interest for money owed; punitive damages would be determined later.[15]

In April 2017, the International Court of Arbitration in London ruled in favor of the government's Ministry of Natural Resources, resulting in fewer payments to Dana Gas by the KRG.[16] Pearl Petroleum then filed a petition one month later in a federal court in Washington, D.C., seeking damages of at least $26.5 billion because of project delays.[17] The groups reached a financial settlement in August 2017,[18] with the KRG paying $600 million (AED2.2 billion) to the companies, as well as $400 million (AED1.5 billion) for regional development.[19][12][20] The settlement increased Dana Gas' cash balance and stock value.[21] The KRG fell behind on payments to Dana Gas prior to the settlement,[22] but all were submitted on time since the agreement was made.[23]

Dana Gas and Crescent Petroleum started arbitration proceedings against MOL in September 2017 over the August agreement made by Dana Gas, the KRG, and Pearl Petroleum.[21] MOL has a 10% stake in Pearl, and disagreed with the terms of the settlement. Before initiating proceedings, Dana Gas and Crescent Petroleum sold their shares of MOL in 2019.[21]

Operations

Egypt

The company has operated in Egypt since 2007.[24] Dana Gas is the nation's fifth largest gas producer, and had fourteen development leases, three exploration concessions, and two processing plants, as of May 2018. The company was producing approximately 37,000 barrels (5,900 m3) of oil equivalent per day at the time.[24][25]

During 2008–2009, Dana Gas discovered the Sondos-1 and 2 dry gas wells, the Azhar-1 gas/condensate well, and the Tulip-1 gas well. The production test for the latter, located in the West Al Qantara Concession, yielded 11.4 million cubic feet per day (320 thousand cubic metres per day) and 318 barrels (50.6 m3) of condensate per day.[26] The company announced plans to develop an oil field in the Komombo basin south of Cairo in early 2010.[27][28] In 2011, Dana Gas discovered the South Abu El Naga-2 dry gas well in the West El Manzala Concession, and was the sixth largest gas producer in the country.[29] The company made two additional natural gas discoveries in 2012, and began operating a natural gas liquids plant.[30] Commercial operations at the Allium-1 and West Sama-1 fields started in 2013, increasing gas production in Egypt by approximately 10%. Production for these fields occurs at the El Wastani and South El Manzala plants.[31]

Dana Gas' El Wastani gas plant underwent maintenance and de-bottlenecking work in early 2014; planned upgrades increased production by 25% to 200 million cubic feet per day (5.7×10^6 m3/d).[32][33] In 2014, two onshore concessions in the Nile Delta owned by the Egyptian Natural Gas Holding Company—North Al Salhiya (Block 1) and Al Matariya (Block 3)–were awarded to Dana Gas for six years. The two blocks had eleven and twelve wells, respectively, at the time, and joined Dana Gas' other Nile Delta concessions: the Al Manzala, West Al Manzala, and West Al Qantara.[34] Dana Gas and BP formed a joint venture to drill the Al Matariya hydrocarbon exploration.[34][1]

In 2014, Dana Gas was licensed to explore Block 6, which has three prospects totaling as much as 20 trillion cubic feet (570 billion cubic metres) of gas.[35] The company is expected to start drilling its first exploration offshore well, which targets one of these three prospects, in 2019.[36][37] Dana Gas announced the completion of the Balsam-8 well in 2018.[38]

Production at Zora is slated to end in 2019.[39] Dana is considering sale of its Egypt assets.[40]

Kurdistan Region of Iraq

Through the Pearl Petroleum consortium, Dana Gas and Crescent Petroleum operate the Chemchemal and Khor Mor (Sulaymaniyah Governorate) gas fields in Iraqi Kurdistan.[41][42] Dana Gas has operated in Iraqi Kurdistan since 2007, and signed a ten-year gas sales agreement with the government in 2018.[23][43] The Khor Mor plant, active since 2008, supplies natural gas to power stations in Bazian, Chemchemal, Erbil.[44][45] Dana Gas' net share of production in Iraqi Kurdistan was approximately 26,000 barrels (4,100 m3) of oil equivalent per day during 2017 and the first half of 2018.[23][46] By late 2018, the company had expanded the Khor Mor plant and implemented improvements to de-bottleneck, increasing production capacity by 30%.[45] The facility was producing 400 million cubic feet (11 million cubic metres) of gas, more than 15,000 barrels per day (2,400 m3/d) of natural-gas condensate, and 1,000 tonnes per day of liquefied petroleum gas.[47] as of late 2018.[48]

Dana Gas and Crescent Petroleum struck a twenty-year gas sales agreement with the KRG in 2019, as part of Pearl Petroleum.[49][19][50]

United Arab Emirates

In the United Arab Emirates (UAE), Dana Gas operates as offshore platform, pipeline, and onshore gas processing plant in the Zora gas field,[1][51] near Sharjah.[52] The company's $17 million contract for construction of the offshore platform was awarded to the Interserve subsidiary Adyard Abu Dhabi in November 2013.[53][54] Commercial production began in 2016.[55][56][57] The field yielded 2,700 and 1,650 barrels (429 and 262 m3) of oil equivalent per day in 2016 and 2017, respectively.[58]

Corporate affairs

Sharjah-based Dana Gas is the largest non-government owned natural gas company in the Middle East, with assets in Egypt, Iraqi Kurdistan, and the UAE.[59] The company is listed on the Abu Dhabi Securities Exchange.[49] Dana Gas and its partner Crescent Petroleum each have a 35% stake in the Pearl Petroleum consortium.[60][61] Crescent Petroleum is Dana Gas' largest founding shareholder,[62] with a nearly 20% stake.[30][63]

Leadership

Patrick Allman-Ward, who joined Dana Gas in 2012,[64] serves as the company's chief executive officer.[65] He was appointed in 2013, replacing Rashid Saif Al Jarwan, who was serving as interim CEO following Ahmed al-Arbeed's retirement.[64] Hamid Dhia Jafar began serving as chairman of the board of directors in 2015; Al Jarwan was elected to serve as vice chair at the same time.[66] Chris Hearne serves as the current chief financial officer.[67][68] Samantha Phillips serves as the current technical director.[69]

Financials

Dana Gas reported a net profit of $83 million (AED304 million) for 2017, and a net loss of $186 million (AED681 million) for 2018.[59][70][39] Dana Gas' net loss of $186 million (AED681 million) for 2018 has been attributed to the impairments in relation to the Zora gas field and other assets in Egypt.[39] The company reported earning gross revenues of USD $470 million (AED1.7 billion) for the fiscal year ending on December 31, 2018, a 4% increase over $450 million (AED1.6 billion) for 2017.[71] In 2018, Dana Gas received $113 million from Pearl Petroleum,[38][72] and reported a cash collection of $324 million (AED1.2 billion) for operations in Egypt, Iraqi Kurdistan, and Sharjah.[38]

Sukuk

In 2012, Dana Gas became the first UAE company to not repay Islamic bonds on maturity, due to backlogged payments from Egypt and Iraqi Kurdistan.[73] The company was owed more than US$500 million by customers,[74] as of mid 2012.[30][75] Dana Gas' five-year, $1 billion sukuk matured on October 31; $920 million was outstanding after the company repurchased approximately $80 million of the sukuk in 2008.[73]

In 2017, Dana Gas entered a legal dispute after stopping payments on $700 million in sukuk,[76] which the company said was no longer Shariah-compliant.[77][78] The decision had potential to set a new precedent within the Islamic finance industry.[79] The company initially offered to replace the sukuk with new securities producing a lower average current profit rate, then retracted the proposal in favor of adjudication following rejection by creditors.[80][81] Dana Gas was set back by a series of rulings in the United Kingdom, and the British and UAE courts delivered conflicting rulings on the company's dividend payments.[82][83][84] The sukuk matured in October, but remained unsettled.[85][86][87]

In May 2018, Dana Gas and creditors represented by Deutsche Bank,[88] including BlackRock and Goldman Sachs,[89] agreed to issue new sukuk valued at $530 million. A majority of sukuk holders voted in favor of the agreement in June.[90] Dana Gas completed the issuance, which was listed on Euronext Dublin, in August.[65][91][92] The company completed its sukuk buyback program in 2019.[39][93][94] The sukuk has a three-year life and will mature in October 2020.[65]

References

  1. 1 2 3 Halligan, Neil (14 January 2017). "Drilling down: Dana Gas CEO Dr Patrick Allman-Ward". Arabian Business. Retrieved 8 April 2019.
  2. 1 2 Kerr, Simeon (18 June 2008). "Dana aims to power Iraqi needs". Financial Times. Retrieved 22 April 2019.
  3. 1 2 3 "Citi, Barclays to manage $1 bln bond for UAE's Dana". Reuters. 3 July 2007. Retrieved 22 April 2019.
  4. ↑ "Dana Gas to acquire Centurion Energy". Oil & Gas Journal. 13 November 2006. Retrieved 8 April 2019.
  5. ↑ Hoffman, Andy (November 13, 2006). "UAE's Dana Gas buys Centurion for $1.1-billion". The Globe and Mail. Retrieved July 23, 2019.
  6. ↑ Fildes, Nic (13 November 2006). "Centurion succumbs to $1bn Dana Gas takeover". The Independent. Retrieved 23 July 2019.
  7. ↑ Gnana, Jennifer. "Dana Gas to balance investment against payment owed in Egypt". The National. Retrieved 2 April 2019.
  8. ↑ McAuley, Anthony (13 April 2015). "Iran's gas dispute with Sharjah's Crescent Petroleum enmeshed in politics". The National. Retrieved 22 April 2019.
  9. ↑ McAuley, Anthony (13 April 2015). "Dispute between Sharjah's Crescent Petroleum and Iran moves to damages phase". The National. Retrieved 10 April 2019.
  10. ↑ Gnana, Jennifer (15 November 2017). "Exclusive: Dana Gas ready to import Iranian gas if supplies are 'reliable'". The National. Retrieved 10 April 2019.
  11. ↑ "Dana Gas, Crescent Petroleum to boost Khor Mor gas production 63% within two years". World Oil. 3 June 2019. Retrieved 23 October 2019.
  12. 1 2 Zhdannikov, Dmitry (30 August 2017). "Kurdistan pays $1 billion to Dana Gas, partners to settle London case". Reuters. Retrieved 3 April 2019.
  13. ↑ "Dana Gas group files arbitration on Kurdistan government". Oil & Gas Journal. October 23, 2013. Retrieved 23 July 2019.
  14. 1 2 McAuley, Anthony (6 April 2016). "Kurdish outlay saved costs, says Dana Gas". The National. Retrieved 9 April 2019.
  15. 1 2 McAuley, Anthony (14 February 2017). "Dana Gas wins case against KRG over development of Khor Mor and Chemchemal". The National. Retrieved 8 April 2019.
  16. 1 2 Goran, Baxtiyar (13 April 2017). "Dana Gas CEO admits losing case against KRG". Kurdistan 24. Retrieved 8 April 2019.
  17. ↑ Dipaola, Anthony (30 May 2017). "Dana Gas Venture Seeks $26.5 Billion Damages From Iraq Kurds". Bloomberg.com. Retrieved 8 April 2019.
  18. ↑ Townsend, Sarah (12 May 2018). "Dana Gas reaches agreement on $700m sukuk restructuring". The National. Retrieved 3 April 2019.
  19. 1 2 "Dana Gas, Crescent sign 20-year gas sales deal with Iraq's KRG". Reuters. 6 March 2019. Retrieved 2 April 2019.
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  21. 1 2 3 "Dana begins arbitration against MOL". Khaleej Times. 20 September 2017. Retrieved 9 April 2019.
  22. ↑ Cornwell, Alexander (9 February 2017). "Update 2 - UAE's Dana Gas freezes Egypt investments over debts". Reuters.
  23. 1 2 3 Kamel, Deena (8 July 2018). "Dana Gas receives $44m in dividends from Kurdistan operations in H1 2018". The National. Retrieved 3 April 2019.
  24. 1 2 Kamel, Deena (28 May 2018). "Dana Gas gets $40 million from Egypt following payment delays". The National. Retrieved 3 April 2019.
  25. ↑ "Egypt pays $40M to Dana Gas". Egypt Today. 28 May 2018. Retrieved 3 April 2019.
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  27. ↑ "Dana Gas to develop south Egypt oil field". Oil & Gas Journal. 11 January 2010. Retrieved 23 July 2019.
  28. ↑ "Dana Gas makes new oil discovery in Egypt". Gulf News. 12 January 2010. Retrieved 23 July 2019.
  29. ↑ "Dana Gas new discovery in Egypt". Emirates 24/7. 3 May 2011. Retrieved 10 April 2019.
  30. 1 2 3 "UAE's Dana Gas upbeat over Egypt payments". Arabian Business. Reuters. 28 October 2012. Retrieved 10 April 2019.
  31. ↑ "Dana Gas starts output from two Egypt fields". Arabian Business. 5 March 2013. Retrieved 23 July 2019.
  32. ↑ "UAE's Dana Gas starts upgrade for Egypt's El Wastani gas plant". Reuters. February 28, 2014. Retrieved 23 July 2019.
  33. ↑ "Dana Gas to boost capacity of El Wastani plant by 25%". Khaleej Times. 1 March 2014. Retrieved 23 July 2019.
  34. 1 2 Cornwell, Alexander (29 September 2014). "Egypt awards onshore concessions to Dana Gas". Gulf News. Retrieved 9 April 2019.
  35. ↑ Knecht, Eric; Awadalla, Nadine (12 February 2019). "Dana Gas to drill in what says could be Egypt's next mega gas field". Reuters. Retrieved 1 April 2019.
  36. ↑ Al-Youm, Al-Masry (13 February 2019). "Dana Gas to drill second largest Egyptian natural gas field". Egypt Independent. Retrieved 1 April 2019.
  37. ↑ Gnana, Jennifer (13 February 2019). "Dana Gas sees vast potential for gas from offshore Egypt asset". The National. Retrieved 2 April 2019.
  38. 1 2 3 "Dana Gas collects $324m from all its operations in 2018". Saudi Gazette. 31 December 2018. Retrieved 3 April 2019.
  39. 1 2 3 4 "UAE's Dana Gas posts $186 mln net loss for 2018". Reuters. 14 February 2019. Retrieved 1 April 2019.
  40. ↑ Sertin, Carla (31 July 2019). "Dana Gas considering sale of Egypt assets". Middle East Oil And Gas. Retrieved 23 October 2019.
  41. ↑ Zhdannikov, Dmitry (4 September 2017). "Iraq's Kurdistan poised for bumper gas growth". Retrieved 8 April 2019.
  42. ↑ Gnana, Jennifer (11 March 2019). "Dana Gas to generate up to $200m in revenues from Kurdish expansion". The National. Retrieved 2 April 2019.
  43. ↑ "Dana Gas inks 10-year gas sale agreement with Kurdistan". The National. 21 March 2018. Retrieved 3 April 2019.
  44. ↑ "Upgrades at Khor Mor gas plant show 30% production hike: Dana Gas, Crescent Petroleum". Kurdistan 24. 21 November 2018. Retrieved 2 April 2019.
  45. 1 2 Bridge, Sam (21 November 2018). "UAE's Dana Gas reveals 30% increase in Kurdistan production capacity". Arabian Business. Retrieved 22 April 2019.
  46. ↑ Shakeel, Shayan (8 July 2018). "Dana Gas reaps nearly $44m in dividends from Kurdistan ops". Arab Business. Retrieved 3 April 2019.
  47. ↑ "Dana, Crescent's Kurdistan gas output at 200 mcf/day". Reuters. 5 October 2010. Retrieved 22 April 2019.
  48. ↑ Saadi, Dania (13 December 2018). "Dana Gas boosts output by 12.5% on higher Iraq and Egypt production". The National. Retrieved 2 April 2019.
  49. 1 2 Townsend, Sarah (31 March 2019). "Dana Gas receives $19m from Egypt operations". The National. Retrieved 1 April 2019.
  50. ↑ "Dana Gas and Crescent Petroleum sign 20-year agreement with Kurdistan". Gulf News. 6 March 2019. Retrieved 8 April 2019.
  51. ↑ Graves, LeAnne (26 May 2015). "Rosneft considers exiting JV with Crescent in Sharjah". The National. Retrieved 10 April 2019.
  52. ↑ Gnana, Jennifer (11 February 2018). "Despite sukuk cases, Dana Gas swings to profit in 2017". The National. Retrieved 10 April 2019.
  53. ↑ "Dana Gas awards contract for Zora offshore field". Arab News. 17 November 2013. Retrieved 10 April 2019.
  54. ↑ "Dana Gas awards contract for Zora field". Khaleej Times. 18 November 2013. Retrieved 10 April 2019.
  55. ↑ "Zora gas field flowing off Sharjah, Ajman". Oil & Gas Journal. 23 February 2016. Retrieved 10 April 2019.
  56. ↑ Razzouk, Nayla; Carpenter, Claudia (2 March 2016). "Dana Gas Rallies After Expanding Gas Production to Third Country". Bloomberg.com. Bloomberg L.P. Retrieved 10 April 2019.
  57. ↑ "Dana Gas begins production from Zora field". Trade Arabia. 2 March 2016. Retrieved 10 April 2019.
  58. ↑ "Dana Gas swings to profit in 2017". Gulf News. 15 March 2018. Retrieved 10 April 2019.
  59. 1 2 "Dana Gas receives $19m in payments from Egypt". Gulf News. 31 March 2019. Retrieved 1 April 2019.
  60. ↑ "Dana Gas issues disclosure on incremental gas production in KRI". Gulf News. 11 March 2019. Retrieved 2 April 2019.
  61. ↑ Townsend, Sarah (1 October 2018). "Dana Gas says receives further Dh218m from Kurdistan gas activities". The National. Retrieved 2 April 2019.
  62. ↑ John, Issac (11 February 2018). "Dana Gas swings to $83M profit". Khaleej Times. Retrieved 3 April 2019.
  63. ↑ "Crescent raises its stake in Dana to over 20%". Gulf News. 11 September 2018. Retrieved 3 April 2019.
  64. 1 2 "Ex-Shell executive named CEO at UAE's Dana Gas". Reuters. 9 July 2013. Retrieved 9 April 2019.
  65. 1 2 3 Debusmann Jr., Bernd (15 August 2018). "Dana Gas ends sukuk dispute, issues resized instrument". Arabian Business. Retrieved 1 April 2019.
  66. ↑ "Dana Gas elects new board". Gulf News. 30 April 2015. Retrieved 9 April 2019.
  67. ↑ "UAE's Dana Gas says Hearne joined firm as CFO in January". Reuters. 11 January 2016. Retrieved 9 April 2019.
  68. ↑ "Dana Gas sukuk drop as concern rises over looming maturity". Arabian Business. Reuters. 23 February 2017. Retrieved 9 April 2019.
  69. ↑ bloomberg.com/appointment.
  70. ↑ Gnana, Jennifer (14 February 2019). "Dana Gas posts net loss of $186m for 2018 as impairment charges mount". The National. Retrieved 1 April 2019.
  71. ↑ "Dana Gas PJSC and Subsidiaries: Consolidated Financial Statements: 31 December 2018" (PDF). Dana Gas. Retrieved 23 July 2019.
  72. ↑ "Dana Gas receives $324m from 2018 operations". Trade Arabia. 31 December 2018. Retrieved 2 April 2019.
  73. 1 2 Nair, Dinesh; Abocar, Amran (30 October 2012). "Exclusive: UAE's Dana Gas won't repay bond - sources". Reuters. Retrieved 9 April 2019.
  74. ↑ "Dana Gas said to hire Blackstone to restructure US$1bn sukuk". Arabian Business. 24 April 2012. Retrieved 22 April 2019.
  75. ↑ Halime, Farah (3 October 2012). "Egypt Struggles to Pay Oil Bill". The New York Times. Retrieved 10 April 2019.
  76. ↑ Martin, Matthew; Narayanan, Archana; Sharif, Arif (30 October 2017). "Dana Gas Is Said to Miss Payment on $700 Million Sukuk Today". Bloomberg.com. Retrieved 3 April 2019.
  77. ↑ "Dana Gas distributes first dividend worth Dh348 million". Khaleej Times. 2 September 2018. Retrieved 1 April 2019.
  78. ↑ Euromoney:
  79. ↑ Torchia, Andrew; Vizcaino, Bernardo (15 May 2018). "Islamic finance feels heat from $700 mln Dana sukuk saga". Reuters. Retrieved 8 April 2019.
  80. ↑ Barbuscia, Davide (17 January 2018). "Exclusive: Weeks of talks fail to resolve Dana Gas sukuk dispute - sources". Reuters. Retrieved 3 April 2019.
  81. ↑ Barbuscia, Davide (25 March 2018). "UAE's Dana Gas plans cash dividend despite $700 mln sukuk dispute". Reuters. Retrieved 3 April 2019.
  82. ↑ Reuters:
  83. ↑ Saadi, Dania (26 March 2018). "Dana Gas says Sharjah court issues anti-suit injunction against sukukholder BlackRock". The National. Retrieved 3 April 2019.
  84. ↑ Khan, Sarmad (18 April 2018). "UAE court suspends UK injunction barring Dana Gas dividend distribution". The National. Retrieved 3 April 2019.
  85. ↑ Sharif, Arif (10 May 2018). "Dana Reaches Deal With Main Holders of $700 Million Sukuk". Bloomberg.com. Retrieved 2 April 2019.
  86. ↑ "UAE's Dana Gas agrees with creditors on $700 mln sukuk restructuring". Reuters. 13 May 2018. Retrieved 2 April 2019.
  87. ↑ "Dana Gas agrees deal with shareholders of $700m sukuk". Arabian Business. 21 June 2018. Retrieved 2 April 2019.
  88. ↑ Reuters:
  89. ↑ Smith, Robert (13 May 2018). "Dana Gas strikes restructuring deal to end sukuk dispute". Financial Times. Retrieved 2 April 2019.
  90. ↑ Townsend, Sarah (5 June 2018). "Dana Gas says sukuk holders approve restructuring to end legal dispute". The National. Retrieved 2 April 2019.
  91. ↑ Spong, Rebecca (5 June 2018). "Dana Gas wins over creditors for sukuk restructuring plans". Arab News. Retrieved 1 April 2019.
  92. ↑ Gnana, Jennifer (14 August 2018). "Dana Gas issues new sukuk, drawing earlier dispute to a close". The National. Retrieved 2 April 2019.
  93. ↑ Khan, Sarmad (17 March 2019). "Dana Gas buys back $133m of sukuk as part of restructuring agreement". The National. Retrieved 2 April 2019.
  94. ↑ "Dana Gas repurchases $133m Sukuk". Pakistan Observer. 22 March 2019. Archived from the original on 23 March 2019. Retrieved 2 April 2019.
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