Dana Gas has announced the full settlement of all outstanding receivables owed by the Egyptian government, following additional payments of AED 79 million ($21.5 million). The company said that regular payments are continuing, reinforcing its confidence in maintaining and expanding its investments in Egypt.

In a disclosure to the Abu Dhabi Securities Exchange, Dana Gas said that recent drilling results in Egypt exceeded expectations. Its latest wells revealed estimated gas resources of 10 billion cubic feet, significantly higher than initial estimates of 3 billion cubic feet. The company also identified the potential for a further 12 billion cubic feet of future gas resources within its Nile Delta concession area.

The settlement of overdue receivables, together with the regularisation of government payments, has strengthened Dana Gas’ confidence in continuing its investment programme in Egypt. This comes as the government steps up efforts to support exploration and production activities, increase domestic gas output, and reduce reliance on liquefied natural gas imports.

Dana Gas is continuing its $100 million investment programme, aimed at stabilising production and returning it to a growth trajectory. Average production in Egypt rose by 4% year-on-year during the first quarter of 2026 to 13,060 barrels of oil equivalent per day, marking the company’s first production growth in Egypt since 2017.

During 2025, the company drilled four wells and completed workovers on three additional wells, adding around 30 million standard cubic feet per day to production and increasing reserves by 36 billion cubic feet.

Richard Hall, Chief Executive Officer of Dana Gas, said that the full settlement of outstanding receivables and the return to timely, full payments represented a significant development that gives the company greater confidence to continue investing in Egypt.

He added that the latest drilling results had substantially exceeded expectations, highlighting the quality of Dana Gas’ concession areas and the scale of development and exploration opportunities available. The company plans to drill four additional wells before the end of 2026.

Hall also noted that continued support from Egypt’s Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation, and the Egyptian Natural Gas Holding Company (EGAS) is helping encourage investment in the energy sector and increase local gas production.