UAE-based Dana Gas announced it had completed the process of issuing new Sukuk which will be listed on Euronext Dublin, previously known as "Irish Stock Exchange". The process has been completed after all legal proceedings have been brought to an end by the parties to the Sukuk litigation in UK and UAE courts following a consensual agreement reached in May to restructure the Sukuk. The deal later received overwhelming approval from both Sukuk holders and Dana Gas shareholders. The newly agreed sukuk stand at $530 million with a three-year maturity and a new profit rate of 4 percent per annum. It will save the company $35 million per year in profit payments compared to the previous debt instrument. Dana Gas CEO Patrick Allman-Ward said the company was pleased with the new restructuring and listing. The CEO explained that the new sukuk represents a fair consensual deal for the benefit of all the stakeholders. “The company can now move forward with its exploration and development plans to evaluate and develop its world-class portfolio of assets, both in the Kurdistan Region of Iraq and Egypt,” he asserted. In addition, Dana Gas announced on Tuesday its financial results for the first half of 2018, which ended on June 30, saying the four percent rate of the net profit year-on-year stood at $24 million. The second quarter’s net profit of $10 million was $2 million lower, excluding Sukuk restructuring. The 2Q net profit reached $36 million, a 200 percent increase year-on-year, demonstrating the improved underlying business performance. Dana Gas noted that it reduced annual debt service costs by an estimated 63 percent which represents a strong improvement in its financial position, and along with increasing operating cash flows, provides the basis for the companys planned annual dividend policy. During the first half of 2018, the company has made major strides in delivering its transformational expansion in the Kurdistan Region of Iraq (KRI). Dana Gas is on track with its initial project which is expected to increase production by 25 percent in Q3 of this year. Moreover, drilling for appraisal and development of the Khor Mor and Chemchemal fields has begun. KRI production is planned to increase by 170 percent by 2021 through the installation of two 250 MMscf/d gas processing trains, increasing production of gas and condensate by 580 MMscf/d and 20,000 barrels per day respectively. Kurdistan’s government has paid regularly and on time and there are no current outstanding receivables, Dana Gas said.