Recent Research

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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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• 

  FIRST LOOK NOTES

  13 May 2025

  DANA Gas

  BUY

  Last Closing Price

  0.73

  Target Price

  0.95

  Upside (%)

  +31.03%

  UAE Equity Research - Dana Gas 1Q25 - First Look Note

  The Company's KRI’s average production increased 2.7% YOY to 39,650 boepd in 1Q25, driven by strong demand from local power stations, whereas Egypt saw a 31.0% YOY decline to 12,550 boepd, supported by the depletion of the natural field, and the effect of a planned maintenance shutdown.

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  FIRST LOOK NOTES

  28 Feb 2025

  DANA Gas

  BUY

  Last Closing Price

  0.79

  Target Price

  0.95

  Upside (%)

  +20.10%

  UAE Equity Research - Dana Gas 4Q24 - First Look Note

  The Company's average production decreased from 55,700 boepd in 4Q23 to 53,500 boepd in 4Q24. Dana Gas experienced a 63.9% YOY increase in revenue to USD 159 Mn in 4Q24 mainly due to recognition of additional revenue under Egypt's newly signed Consolidated Concession Agreement coupled with increased output in the KRI region.

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  EARNINGS CALL INSIGHT

  10 Feb 2025

  DANA Gas

  BUY

  Last Closing Price

  0.76

  Target Price

  0.95

  Upside (%)

  +24.35%

  UAE Equity Research - Dana Gas 2024 - Earnings Call Insight

  Dana Gas gross revenue rose 65% YOY to USD 158 Mn in 4Q24, driven primarily by the recognition of additional revenue from the improved fiscal terms under the recently signed consolidated concession agreement in Egypt.

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• 

  FIRST LOOK NOTES

  21 Nov 2024

  DANA Gas

  BUY

  Last Closing Price

  0.70

  Target Price

  0.95

  Upside (%)

  +36.30%

  UAE Equity Research - Dana Gas PJSC 3Q24 - First Look Note

  The company's average production stood at 55,300 boepd in 3Q24 as compared to 59,600 in 3Q23. Dana’s cash and bank balance showed a solid position at USD 151 million in 3Q24, with USD 118 Mn held to Pearl Petroleum

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