Dana Gas has received a $50 million payment from the Egyptian government, reducing overdue receivables and supporting the company’s drilling program. The payment is linked to a Consolidation Agreement signed in December 2024, which unified Dana Gas’s concessions under improved fiscal terms for accelerated investment and exploration. The company has drilled four wells, adding 18 mmscfd of production and increasing reserves.

Dana Gas plans to drill seven more wells in Egypt next year, with the Daffodil exploration well scheduled to spud in January. The expanded drilling campaign is part of an 11-well investment program expected to be completed by 2026. The CEO highlighted the importance of timely government payments in sustaining drilling momentum and bringing new gas volumes online.

Egypt has been relying more on imported LNG and fuel oil as domestic production declined. Dana Gas estimates that its investment program could generate over $1 billion in economic savings by displacing imported energy with locally produced gas, supporting energy security and reducing foreign currency outflows. The company’s efforts contribute to reinforcing Egypt’s domestic energy supply and reducing reliance on imports.

Read more at Yahoo Finance: Dana Gas Secures $50 Million Payment as Egypt Drilling Program Accelerates