Middle Eastern energy company Dana Gas says it is still due more than £470million from Egypt and Kurdistan.
The United Arab Emirates- based firm posted net profits of $27.8 million in the third quarter, with gross revenues up 21% on the same period last year.
Delays in getting paid for Kurdish and Egyptian operations contributed to Dana having to restructure a $920 million Islamic bond in April, and led to the company filing a legal case against the Kurdish region government over payments and production rights on October 21.
During the third quarter the company collected $8 million in Egypt, however the country’s unpaid bill increased by $36 million from the second quarter to $298 million by the end of September.
“We have been given strong indications by the Egypt government regarding planned payments in the next few months,” said chief executive Patrick Allman-Ward.
“We welcome this positive step as it will allow our capital and exploration expenditure to remain in-line with anticipated spending plans, allowing us to pursue our strategy of maximizing our produciton from these resources.”
In the same period, Dana collected $7 million in Kurdistan, however payments due increased by $48 million from the second quarter to $450 million.