Dana Gas

Gas production and processing across different legal perimeters

As of: 2025-12-31

Dana Gas PJSC is a Sharjah-headquartered natural-gas company listed on ADX as DANA. Incorporated in 2005, it participates in exploration, production, processing, transportation and sales of gas and associated petroleum products. Egypt and the Kurdistan Region of Iraq are central to its producing portfolio; UAE interests include infrastructure and a separate, unresolved gas-supply project.

Unlike a pipeline-only utility, its cash generation depends on reservoir performance, product prices, concession terms and customer collections. Gas supplied to power and industrial customers supports recurring demand, but physical production, recognised revenue and cash received are different measures. The assets of Crescent Petroleum or the entire Pearl consortium cannot be attributed to Dana Gas.

Shareholder and management snapshot

As of: 2025-12-31

The year-end 2025 register identifies Crescent Petroleum Company International with 20% of Dana Gas. This is a dated holding in the listed issuer, not Dana Gas’s interest in Pearl Petroleum and not proof of majority ownership. The governance report names Hamid Dhiya Jafar as chairman and Richard Hall as chief executive.

Crescent is also a partner in the Kurdistan operations. That overlap makes legal boundaries and related-party disclosures important: partnership assets and shareholder assets are not interchangeable. This profile uses the dated register rather than estimating a current free float or inferring beneficial ownership.

Subsidiaries, joint operations and joint ventures

As of: 2025-12-31

The annual group schedule separates wholly owned subsidiaries from joint operations and equity-accounted joint ventures. Upstream and midstream holding companies organise the interests. Dana Gas Egypt carries the Egyptian exploration and production business; Saj Gas and UGTC sit in the infrastructure chain.

Pearl Petroleum is classified as a joint operation. The group recognises its share of the relevant assets, liabilities and results; it does not consolidate the whole consortium as a wholly owned subsidiary. CNGCL is classified differently, as a joint venture. The selected structure below is dated 31 December 2025, not an exhaustive live corporate register.

Khor Mor and Chemchemal

As of: 2025-12-31

Dana Gas and Crescent jointly operate Khor Mor for Pearl Petroleum. Gas feeds regional electricity generation, while condensate and LPG are additional products. The KM250 expansion began commercial gas sales in October 2025. Commissioned processing equipment is not the same as sustained utilisation or cash collection.

The annual report gives 2025 Pearl gross production of about 116.8 kboepd and about 40.9 kboepd net to Dana Gas. These describe the same operation at different ownership perimeters and must not be added together. Chemchemal’s appraisal and early-development programme is a further growth project, not a declaration that its planned production has already been achieved.

Egypt: concessions and reservoir renewal

As of: 2025-12-31

The New El Manzala agreement consolidated 13 development leases in the onshore Nile Delta. At the 2025 reporting date the development area was 387.1 square kilometres, with 297.4 square kilometres of supplemental exploration acreage, both at 100% working interest. Working interest is a concession measure, not unrestricted ownership of land or all hydrocarbons in the country.

Natural field decline reduced Egyptian production in 2025. Drilling and recompletions are therefore needed both to offset depletion and to grow output. The annual report describes a USD 100 million investment programme, but planned spending and expected reserves additions are not completed investment or independently established future cash flow.

UAE infrastructure and unresolved supply claims

As of: 2025-12-31

The UAE gas project envisaged imported gas being processed at SajGas and transported through UGTC infrastructure. The annual report states that the contracted Iranian gas was not supplied. The associated arbitration receivable must therefore not be described as operating gas sales or cash already received.

UGTC/Emarat is a separate joint operation transporting gas between Sajaa and Hamriyah. Its interest and infrastructure should not be merged with the stalled import project. Legal recoverability, enforcement timing and related claims remain distinct from the physical existence of pipelines and processing assets.

Annual results and the latest interim release

As of: 2026-06-30

The annual table uses reported consolidated USD millions. Gross revenue precedes royalties; net revenue follows them. These are not interchangeable labels. The 2025 decline followed lower Egyptian output and product prices; the 2024 comparison also included a retrospective Egyptian gas-price adjustment.

H1 2026 release: revenue USD 258 million; net profit USD 107 million, including USD 48 million from a gas-meter reconciliation. Excluding it, issuer-adjusted profit was USD 59 million. These are six-month figures, not Q2 alone. The adjustment is not cash collection.

Debt perimeter and cash quality

As of: 2025-12-31

At 31 December 2025 consolidated borrowings were USD 206 million, of which USD 193 million related to Pearl facilities described as non-recourse to Dana Gas. The remaining Dana Gas borrowing figure was USD 13 million. Non-recourse financing does not disappear from the reported group amount and still affects cash available from the joint operation.

Year-end cash and bank balances were USD 215 million, while cash and cash equivalents in the cash-flow statement were USD 188 million. These definitions differ. Pearl’s bond maturity was May 2028 and its DFC facility July 2028; another Pearl facility was due March 2029. These are the annual contractual schedule, not certification of current outstanding balances.

Editorial interpretation: debt repayment, drilling expenditure, host-government collections and shareholder distributions must be assessed together. A recognised arbitration asset is not a substitute for cash liquidity, and gross project financing is not wholly attributable corporate debt.

Strategy, delivery and risk

As of: 2025-12-31

The strategic route is to use existing processing and concession positions more effectively, develop Chemchemal and renew Egyptian production. Capacity additions require customers, transportation links and reliable operations before they become durable cash earnings. Planned output and reserve estimates should not be presented as realised sales.

Editorial risk assessment: security interruptions in Kurdistan, field decline in Egypt, commodity prices, receivable collection and arbitration enforcement can each interrupt this chain. Partnerships spread capital requirements but create governance and distribution dependencies. The annual report’s environmental and technology benefits remain issuer claims here, not an independent assurance conclusion.

This profile describes the business rather than providing a target price or buy/sell instruction. The source dates matter: an annual financing schedule or project plan cannot establish its execution months later, and the old dated review remains a separate historical analysis.

Official contacts and scope of this profile

As of: 2026-08-31

Official site: https://www.danagas.com. Head office: P.O. Box 2011, Sharjah, UAE. Switchboard: +971 6 5194444. Investor relations: ir@danagas.com.

Annual ownership, structure and debt snapshots refer to December 2025; the interim update is explicitly labelled H1 2026. Physical page locators in the annual report refer to PDF spreads, which contain two printed pages. This is original reporting based on selected passages, not a full audit.

Sources

1. S1 · Dana Gas integrated report 2025 · 2025-12-31
2. S2 · Dana Gas H1 2026 results release · 2026-08-07
3. S3 · Dana Gas official contacts · 2026-08-31