Energy firm Dana Gas cancels Egyptian onshore assets sale
United Arab Emirates-listed Dana Gas (DANA.AD) said on Sunday it had abandoned plans to sell onshore oil and gas assets in Egypt after conditions for a transaction could not be met.
The energy company had expected to close the $236 million sale to IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, early this year.
Dana Gas said it terminated the deal after the parties were unable to agree on conditions within the agreed time frame which expired on April 14.
The assets would now be retained and operated by Dana Gas, it said.
Dana Gas is still assessing the financial impact from terminating the sale but said the decision was expected to positively impact the balance sheet, profitability and cash flow in coming years.
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