Pure-play upstream gas producer with two concentrated positions: the Nile Delta in Egypt and, via the Pearl Petroleum JV, the Khor Mor gas/condensate/LPG field in Iraqi Kurdistan — the single most valuable asset and the source of ~75% of the KRI's power generation feedstock. The KM250 expansion completed in 2025 lifted Khor Mor capacity ~50%, pushing group run-rate production toward ~145 mboe/d.
FY2025 revenue fell ~12% to ~$297m and net profit to ~$130m on lower realized prices and phasing, while the balance sheet is largely deleveraged (near net-cash) supporting a ~6% dividend yield. The equity trades at a deep discount to underlying NAV because of Kurdistan payment, export-dispute and security risk — crystallized when Khor Mor was suspended in March 2026 during regional conflict.
Its EV/EBITDA of 7.8x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.5% is lower than the 6.5% median, and at $2.57/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Dana Gas scores 55/100, strongest on valuation (59/100). Sub-scores: value 59, quality 57, growth 40, risk 49 (higher = riskier).
Dana Gas holds approximately 0.65 billion boe of proved (1P) reserves with FY2025 production of about 54 thousand boe/d (20% liquids), a reserve life of roughly 33.3 years. Break-even: ~$35 (gas breakeven) — Low-cost onshore gas/condensate/LPG; Khor Mor operating economics are among the lowest-cost in the region, but realized value is gated by KRG payment collection rather than commodity price.
For Dana Gas, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Iraq (Kurdistan) | 55% | 96 | Pipeline shut since 2023, payment arrears, Baghdad-Erbil-security disputes. |
| Egypt | 45% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Khor Mor | Iraq (Kurdistan) | Gas/condensate/LPG | Pearl Petroleum JV; core value; KM250 expansion (+50%) completed 2025; supplies ~75% of KRI power feedstock |
| Chemchemal | Iraq (Kurdistan) | Gas (undeveloped) | Pearl Petroleum JV; large future development upside adjacent to Khor Mor |
| Nile Delta concessions | Egypt | Gas/condensate | Fourteen development leases; ~30 mboe/d; onshore Nile Delta |
| Block 6 / Begonia | Egypt | Gas (exploration/appraisal) | Multi-Tcf gas potential; Begonia-2 confirmed ~9 Bcf; 2024 acreage consolidation added exploration blocks |
| Pearl Petroleum JV | Iraq (Kurdistan) | Corporate JV | 35% Dana Gas stake alongside Crescent, OMV, MOL, RWE — vehicle for Khor Mor/Chemchemal |
| El Wastani / Nile Delta plants | Egypt | Processing | Gas processing and LPG infrastructure supporting Egyptian output |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 63 | 66 | 62 | 68 | 54 |
| Proved reserves (bnboe) | 0.30 | 0.31 | 0.32 | 0.33 | 0.65 |
| Revenue ($bn) | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 |
| EBITDA ($bn) | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Net income ($bn) | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 |
| Free cash flow ($bn) | 0.2 | 0.1 | 0.0 | 0.2 | 0.1 |
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✓ FY2025 figures verified against primary sources:
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