Dana Gas says to recover overdue Egypt payments by 2018

UAE energy firm Dana Gas expects to recover the vast majority of overdue payments which the Egyptian government owes it by 2018, group chief executive Patrick Allman-Ward said on Wednesday.

The company is putting in place a new arrangement with the government that will permit it to invest in new Egyptian wells and redevelop existing wells, Allman-Ward said on a conference call following the company's second-quarter earnings.

It posted a 70 percent rise in net profit as production
across the group rose. Dana made a net profit of 169 million dirhams ($46.0 million) versus 100 million a year earlier.

The new arrangement in Egypt will result in increased
production from Dana's operations there. It will take all the additional condensate production and sell it on the
international market, using revenues from those sales to pay down overdue receivables.