Dubai: Dana Gas said it terminated the sale of its Egyptian assets after it failed to come to an agreement with IPR Energy Group (IPR).
“A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties prior to the long stop date of the Sale and Purchase Agreement (SPA), which was Wednesday 14th April 2021,” said Dana Gas in a statement.
The Board has therefore decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6, it added.
Last year, Dana entered into a binding agreement with IPR for the sale of its onshore Egyptian producing oil and gas assets for up to $236 million (Dh866.88 million), including contingent payments.