The UAE-listed Dana Gas’ production edged up by 10,000 boe/d in Q1 2016 with the onset of production in the UAE and gains in Egypt. With these just about outweighing a production fall in Iraqi Kurdistan, production edged up to 60,500 boe/d, still well down on the 68,700 boe/d in the same period a year ago.

Combined with lower oil prices, this caused year-on-year revenue to slump from $115mn to $82mn. However, reduced outgoings meant that Dana still recorded a profit of $6mn, versus...