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Dana Gas PJSC Annual Report & Accounts 2018 & Accounts Annual Report Ambitious growth plans follow exceptional year Dana Gas PJSC Annual Report & Accounts 2018 Contents Overview Financial Statements 1 Highlights 58 Independent Auditor’s Report to the 2 Dana Gas at a Glance Shareholders of Dana Gas PJSC 62 Consolidated Income Statement Business Review 63 Consolidated Statement of Other 4 Chairman’s Statement Comprehensive Income 8 CEO Message 64 Consolidated Statement of 12 Board of Directors Financial Position 16 International Advisory Board 65 Consolidated Statement of 18 Management Cash Flows 20 Market Overview 66 Consolidated Statement of 22 Operational Review Changes in Equity 32 Financial Review 2018 67 Notes to the Consolidated 38 HSSE Financial Statements 42 Risk Management 46 Corporate Governance 50 Our People 52 Corporate Social Responsibility 04 22 Chairman’s Operational Statement Review 2018 was an exceptional Balancing investments year for the Company against collections 32 08 Financial CEO Message Review 2018 A year of positive Maintaining a healthy change and conclusions cash balance for Dana Gas Overview Overview Business Review Financial Statements Highlights Gross revenue (million US$) EBITDA (million US$) US$2017: US$450mm470mm US$2017: US$334mm230mm 2018 470 2018 230 2017 450 2017 334 2016 392 2016 207 Net profit (million US$) Cash balance (million US$) US$2017: US$83mm64mm US$2017: US$608mm407mm 2018* 64 2018 407 2017 83 2017 608 2016 (88) 2016 302 *Profit excluding one-off non-cash impairment of US$250mm Production (kboed) 2P reserves (mmboe) kboepd mmboe 63.12017: 67.6 kboepd 1,0792017: 1,132 mmboe 2018 63.1 2018 1,079 2017 67.6 2017 1,132 2016 67.1 2016 1,155 Dana Gas is the Middle East’s first and largest regional private sector natural gas company. It was established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). Dana Gas has exploration and production assets in Egypt, the Kurdistan Region of Iraq (KRI) and the United Arab Emirates (UAE), with an average production output of 63,050 boepd in 2018. With sizeable assets and reserves in Egypt, the KRI and the UAE and further plans for expansion, Dana Gas aims to play an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia region (MENASA). Dana Gas PJSC Annual Report & Accounts 2018 1 Dana Gas at a Glance THE MIDDLE EAST’S FIRST AND LARGEST REGIONAL PRIVATE SECTOR NATURAL GAS COMPANY With sizeable assets in Egypt, Our vision Our values the KRI and the UAE and To be the leading private sector natural • We set and apply the highest standards further plans for expansion, gas company in the Middle East, North of conduct and accountability. Dana Gas aims to play an Africa and South Asia (MENASA) region • We respect and value everyone and important role in the rapidly generating sustainable value for our embrace diversity. growing natural gas sector of stakeholders. • We strive to devise and implement the Middle East, North Africa innovative ways to improve our business and South Asia region and fulfil our commitments. (MENASA). Our strategy • Focus on sustainable growth in the • We aim to provide a safe and MENASA region across the natural gas environmentally friendly workplace for value chain. our employees and business partners and to minimise the adverse effects of • Leverage strategic relationships to our operations on communities and the maintain competitive advantage. environment. • Continuously enhance technical and commercial skills to develop and operate assets safely and efficiently. kboepd mmscf bbl 63.1Group production (kboepd) Average277 daily gas production 9,610Average daily condensate in 2018 production in 2018 mmboe 1,0792P reserves CollectionsUS$334mm CashUS$ balance407 – 31 Decembermm 2018 2 www.danagas.com Overview Business Review Financial Statements Where we operate UAE Dana Gas has exploration and production assets in Egypt, the Kurdistan Region of Iraq (KRI) and the United Arab Emirates (UAE). Iraq Egypt Egypt KRI UAE 34,500 boepd 26,650 boepd 1,200 boepd • Top 5 gas producer in-country • 2 world class fields – largest gas • Zora – offshore gas field project • 14 development leases and reserves in the KRI • UAE Gas Project 2 exploration concessions • Decade of continuous production • Partial interest in an LPG recovery • Supplies 3 major power stations • First offshore gas production plant in the Gulf of Suez with gas for Dana Gas • Project to transport 600 MMscf/d • Balsam-8 completion added over • 35% ownership of Pearl Petroleum to the UAE 5,500 boepd in gas and condensate • Increased production by 30% in 2018 • Collections of US$12 million • 5 condensate cargo exports in 2018 • Signed a new Gas Sales Agreement collecting US$54 million • Collections of US$114 million • Collections of US$208 million Dana Gas PJSC Annual Report & Accounts 2018 3 Business Review Chairman’s Statement 2018 WAS AN EXCEPTIONAL YEAR FOR THE COMPANY The settlement with the Dear Shareholders, Lastly, our financial position in Egypt has KRG paved the way for us The last two years have seen the significantly improved, underpinned by a to triple production in the Company successfully navigate through strong operational performance. Here we collected the second highest amount near term and ensure a number of significant challenges and it is now in its best shape since the since 2007 both from the Egyptian ongoing cash flows. Company’s inception. Three key events Government, as part of their happened in 2018 that provided the commitment to pay down receivables by impetus to move the business forward the end of 2019, and as a result of our and to create substantial shareholder continued condensate export program. value. Firstly, the Settlement with the Kurdistan Regional Government (KRG) in Decade in the KRI August 2017 paved the way for us to Just over ten years ago, we entered the complete the Khor Mor debottlenecking Kurdistan Region of Iraq (KRI) with great project in October 2018 and increase ambitions. In 2007, we were awarded production by 30%. This has enabled us rights by the KRG for the development of to plan and begin to execute tripling the Khor Mor and Chemchemal gas fields production by 2023 and thereby for a period of 25-years and we formed significantly increase corporate revenues, the Pearl Petroleum Company Limited cash flow and profits. Furthermore, the (Pearl) in a joint venture with Crescent KRG has since that time (August 2017) Petroleum to execute the project. We paid the Company for our condensate were the first international oil and gas deliveries and since October 2018 for our company in the KRI to start producing. incremental gas invoices on time every month whilst the local traders continue Production has been robust and to pay on time for our LPG deliveries. continuous since 2008 without any Secondly, a consensual deal with the decline despite the various political, sukukholders and shareholders was security and economic issues the KRI has reached in May 2018, removing any encountered during that period. Our remaining uncertainty around the investment has now topped US$1.6 refinancing of the Sukuk and confirming billion and with our ambitious plans to the Company’s financial strength. increase our gross production to 900 MMscf/d, there will be significantly more investment and production to come in the years ahead. 4 www.danagas.com Overview Business Review Financial Statements We are equally proud of our social The Board of Directors has also recently This is the first well to be drilled in one of contribution in the KRI, from our announced its intention to continue with three prospects all containing a multi-Tcf investments in education and healthcare, its stated dividend policy. It is therefore gas resource potential. The well is to job creation in the local community proposing to the General Meeting of expected to spud in the 2Q 2019. whilst helping the government replace Shareholders the payment of a cash the use of expensive and high emission dividend of 5.5 fils per share, a 10% Big strides were made in 2018 with our diesel fuel with natural gas as an increase compared to the 2018 dividend, Egyptian condensate export shipments. A affordable, clean and reliable fuel for i.e. US$105 million. total of five cargoes were exported in supplying the KRI’s major power plants. 2018, collecting payments of US$54 Operations million. This was up from three cargoes in Sukuk restructuring and buyback Following the amicable settlement of the 2017. The hard currency received from the We were gratified to receive the approval dispute between the KRG and the Pearl buyers relating to the government’s share of all key stakeholders to complete the consortium partners (who hold the of the incremental condensate is being restructuring of our Sukuk. The level of contract for developing the KRI assets in paid directly to Dana Gas to contribute to overwhelming support underlines the which Dana Gas holds 35% equity), a paying down the outstanding balance of consensual nature of the restructuring. 10-year Gas Sales Agreement (GSA) was receivables owed to the Company by The continued support of both signed to supply and sell additional Egyptian Government entities. shareholders and sukukholders of the quantities of gas from the Khor Mor Plant The Zora Field in the UAE saw its Company is testimony to our financial debottlenecking project. This project, production for the full year continue and operational strength and our exciting completed in October 2018, led to a 30% to fall. No further intervention is future growth prospects. increase in production, bringing current economically viable to increase total production to 100,000 barrels of oil Since the restructuring, the Company has production and therefore, based on equivalent per day (boepd), making it the current production decline, we anticipate further reduced the size of its Sukuk to largest regional private sector upstream US$397 million through a buyback production will stop sometime this year.
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