Dana Gas wins arbitration on sale of Egypt assets
CAIRO, July 26, 2021 – Dana Gas has won arbitration against IPR Wastani Petroleum on a sale and purchase agreement for its mature oil and gas assets in Egypt.
The London Court of Arbitration in June ruled in favour of Dana Gas on terminating the agreed sale of its assets in April 2021, the company said on Sunday. The two companies had agreed on the sale in October, but ran into conflict over the fulfillment of related conditions.
The ruling will see Dana Gas remain operator of its 100% working interests in the El Manzala, West El Manzala, West El Qantara and North El Salhiya onshore concessions.
“We are very pleased with the outcome of this arbitration and with the speed with which this final decision was made,” Patrick Allman-Ward, CEO of Dana Gas, said. “ The award confirms that Dana Gas was correct and within its contractual rights to terminate the sale’s process.”