I firmly believe he was an in house mole, used successfully to lure in top ups to average down ,I queried this before and I think Duffy moon I believe said he/she was on another board , it has never been denied , I think a case for compensation could be considered if N M was paid in house !!
The London Court of Arbitration (LCIA) will hear the remaining contractual issues to be decided and matters of principle concerning the further damage claims from the Consortium and counter-claims by the KRG in two further hearings, the first two-week hearing is set for 5 September 2016. The second and final two week hearing is yet to be scheduled, but is expected to take place in either Q4 2016 or Q1 2017.
Production remained steady on a quarter-on-quarter basis. The Company's share of production, now 35%, was 26,100 boepd during the second quarter. On a like-for-like basis, Q2 2015 production on a 35% equity share would have been 26,250 boepd.
In April 2016, Gaffney Cline Associates ('GCA') provided an updated reserves estimate on PPCL's two fields, Khor Mor and Chemchemal confirming that they have the potential to be the largest gas fields in the KRI and indeed in the whole of Iraq.
RECEIVABLES AND COLLECTIONS
As at 30 June 2016, total group trade receivables stood at $960 million (AED 3.5 billion). The Company collected a total of $99 million (AED 363 million) in the first half of 2016 representing around 100% realisation of billed amounts.
In Egypt, collection was $49 million (AED 180 million), bringing the trade receivable balance at the period end to $230 million (AED 843 million) (31 December 2015: $221 million – AED 810 million).
Dana Gas's share of collections in the KRI during the first half was $42 million (AED 154 million). The trade receivable balance at 30 June 2016 was $726 million (AED 2,661 million) (31 December 2015: $727 million – AED 2,665 million).
"We continue to make good progress with our operations by reducing costs and increasing production. Notable has been the increase in production from our Egyptian fields, which is now at the maximum capacity for the gas processing plant. We are currently drilling the deep Oligocene exploration well onshore Nile Delta and we anticipate that the well results will be known before year-end. During the period, we continued to maintain a steady collections rate and we have $344 million of cash at mid-year. However, the overall business environment remains challenging. In September the next phase of the arbitration case with the KRG will take place in which all of the outstanding contractual issues will be resolved."
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