Dana Gas – based in UAE is in talks with the Egyptian government seeking to extend its right on the Block 6 North El Arish concession.
This step comes after the surge in global energy prices that was worthy for Dana to double down its interest in Egypt’s operations.
The company clarified the concession supposed to expire in mid-March. Dana Gas acquired the Block 6 concession in late 2013, which it granted an exploration period for eight years, according to the agreement.
“A number of conditions precedent to the transaction could not completed to the satisfaction of both parties prior to the long stop date of the Sale and Purchase Agreement (SPA), which was on Wednesday 14th April 2021, mentioned in Dana’s statement.
Therefore, the company has decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6, stated in the statement.
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