Sale talks over Dana Gas’ Egypt assets to IPR Wastani break down
UAE’s Dana Gas walks back on plans to offload Egypt assets: Abu Dhabi-listed energy producer Dana Gas has canceled plans to sell its Egypt-based onshore oil and gas assets after failing to reach an agreement on certain conditions with would-be buyer IPR Wastani Petroleum, Dana said in a statement.
Dana and Wastani, which had both agreed last year on a USD 236 mn transaction, failed to finalize a sale before the agreed time-frame on 14 April, Dana said. “A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties.” The sale was previously due to close in 1H2021.
The price tag Dana was willing to sell at was previously considered a significant climbdown from a USD 500 mn originally attached to the portfolio. Dana has been looking to offload its Egypt assets since July 2019, saying at the time the sale would allow it to double down on its more promising operations in Iraqi Kurdistan.