Recent Research

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  FIRST LOOK NOTES

  12 Aug 2026

  DANA Gas

  BUY

  Last Closing Price

  0.88

  Target Price

  1.15

  Upside (%)

  +30.39%

  UAE Equity Research - Dana Gas 2Q26 - First Look Note

  Average production increased from 51.5 kboep/d in 2Q25 to 52.7 kboep/d in 2Q26, supported by higher production from Egypt. Khor Mor production has recovered to c.630 MMscf/d following the temporary disruptions, compared with the expanded capacity of 750 MMscf/d.

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  EARNINGS CALL INSIGHT

  11 Aug 2026

  DANA Gas

  BUY

  Last Closing Price

  0.88

  Target Price

  1.15

  Upside (%)

  +30.39%

  UAE Equity Research - Dana Gas 2Q26 - Earnings Call Insight

  DANA’s revenue increased 41.3% YOY to USD 113 Mn in 2Q26, driven by higher realized prices, increased gas sales volumes in the KRI and higher production in Egypt.

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• 

  FIRST LOOK NOTES

  13 Mar 2026

  DANA Gas

  BUY

  Last Closing Price

  0.79

  Target Price

  1.15

  Upside (%)

  +44.84%

  UAE Equity Research - Dana Gas 4Q25 - First Look Note

  Dana Gas reported a 30.8% YOY decline in net profit during 4Q25, primarily due to lower production in Egypt and a softer average Brent price environment. Average production increased from 55,300 boepd in 4Q24 to 55,900 boepd in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  10 Feb 2026

  DANA Gas

  BUY

  Last Closing Price

  0.95

  Target Price

  1.15

  Upside (%)

  +20.67%

  UAE Equity Research - Dana Gas 4Q25 - Earnings Call Insight

  Dana Gas gross revenue decreased 41.5% YOY to USD 93 Mn in 4Q25, driven by lower production in Egypt and a softer realized price environment. Additionally, 4Q24 revenue included USD 46 Mn of revenue resulting from the higher gas price agreed as part of the Consolidation agreement.

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• 

  FIRST LOOK NOTES

  10 Nov 2025

  DANA Gas

  BUY

  Last Closing Price

  0.83

  Target Price

  0.95

  Upside (%)

  +14.46%

  UAE Equity Research - Dana Gas 3Q25 - First Look Note

  Dana’s average production decreased from 55,300 boepd in 3Q24 to 50,700 boepd in 3Q25. KRI’s average production declined by 1.8% YOY to 38,700 boepd, while Egypt’s output fell by 24.5% YOY to 12,000 boepd in 3Q25.

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• 

  FIRST LOOK NOTES

  12 Aug 2025

  DANA Gas

  BUY

  Last Closing Price

  0.76

  Target Price

  0.95

  Upside (%)

  +24.51%

  UAE Equity Research - Dana Gas 2Q25 - First Look Note

  KRI’s average production increased 2.7% YOY to 37,500 boepd in 2Q25, whereas Egypt saw a 28.4% YOY decline to 12,300 boepd, due to the depletion of the natural field. Khor Mor’s daily gas production averaged more than 500 MMscfd in 1H25.

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