Dana Gas has announced that it has received all outstanding receivables owed by the Egyptian government, totaling $21.5 million, marking a significant milestone in the company’s operations in Egypt and strengthening its confidence in expanding investments in the country.

The company also revealed plans to drill four new wells before the end of 2026 as part of its ongoing efforts to increase natural gas production and further develop its assets in Egypt.

New Gas Discoveries Exceed Expectations

In a statement issued on June 23, Dana Gas said that recent drilling results surpassed initial expectations. The latest well identified approximately 10 billion cubic feet (bcf) of recoverable natural gas resources, significantly higher than the initial estimate of 3 billion cubic feet.

The company added that further exploration potential within the concession area could yield an additional 12 billion cubic feet of gas resources.

Government Payments Strengthen Investment Confidence

Dana Gas confirmed that the Egyptian government has fully settled all outstanding receivables amounting to $21.5 million. The company noted that payments are now being made in full and on schedule, providing greater financial stability and encouraging further investment.

Richard Hall, Chief Executive Officer of Dana Gas, said:

“The settlement of all outstanding receivables by the Egyptian government, along with full and timely payments, are significant developments that give us greater confidence to continue investing in Egypt.”

Egypt Pursues Greater Energy Investment

The development comes as Egypt continues to promote investment in its oil and gas sector in an effort to increase domestic production and reduce reliance on imported liquefied natural gas (LNG).

Dana Gas stated that it has allocated approximately $100 million for investment in the Nile Delta region, underscoring its long-term commitment to Egypt’s energy sector.

Production Growth in the Nile Delta

Average production in the Nile Delta increased by 4% year-on-year during the first quarter of 2026, reaching 13,060 barrels of oil equivalent per day (boepd). The increase represents the company’s first production growth in the region since 2017.

During 2025, Dana Gas drilled four wells and conducted workover operations on three additional wells. These activities contributed approximately 30 million standard cubic feet per day (mmscf/d) of additional production and added 36 billion cubic feet to the company’s reserves.

Regional Operations

Dana Gas is the Middle East’s largest private-sector natural gas company. Established in 2005, the company holds exploration and production assets in Egypt, the Kurdistan Region of Iraq, and the United Arab Emirates.

The company’s proven reserves exceed 1 billion barrels of oil equivalent (boe), while its average production during 2025 stood at approximately 52,000 barrels of oil equivalent per day (boepd).