Dana Gas PJSC announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported third quarter revenue increased 6% to $115 million from $108 million for the same period of last year. The increase in revenue, driven by higher realised hydrocarbon prices, helped offset production decreases in Egypt and the UAE. Net profit was $17 million versus $102 million in the third quarter of 2017. Net profit included one-off income arising from the same entitlement adjustment of $91 million and interest on overdue receivables of $5 million. Excluding these one-off items, net profit was $17 million as compared to $6 million in the third quarter of 2017. The company registered a 183% boost in its net profit, not including entitlement changes as well as interest on overdue receivables.

The company's nine months 2018 revenue increased 6% to $351 million from $330 million over the same period last year. Net profit was $41 million versus $125 million in nine months of 2017. However, 2017 net profit included one-off income (non-cash) arising from entitlement adjustments of $114 million following settlement with the Kurdistan Regional Government and interest on overdue receivables due from the KRG of $17 million. Excluding these one-off items, net profit was $41 million as compared to a net loss of $6 million over the same period last year.

Group production during the first nine months of 2018 averaged 62,250 boepd versus 67,600 boepd in the first nine months of 2017. The decrease was due to lower output from Egypt and the UAE. In Egypt, production averaged 34,500 boepd versus 39,600 boepd in the first nine months of 2017. This decrease is attributed to natural well declines and reduced investment in drilling activity. Subsequent to period end, the Balsam 8 well was completed and tied in ahead of schedule and under budget adding over 5,000 boepd to the Company's output. Preparations are on track to drill the Company's first deepwater offshore exploration well in Egypt's Block 6, with the drilling date set for the beginning of 2019. In the KRI, nine months 2018 average production was steady year-on-year at 25,800 boepd.