Press Release: P2 Energy Solutions Strengthens Offer in North Africa

10/02/2013

Regional presence grows with new contract with Komombo in Egypt and new office in Tunis

LONDON, UNITED KINGDOM – (Oct. 2, 2013) – P2 Energy Solutions today announced both a new contract with Komombo Petroleum in Egypt, as well as the opening of its new office in Tunis, Tunisia. 

Komombo Petroleum is a joint venture established by Ganoub El Wadi Holding Co. (Ganope) and Dana Gas Egypt, the operator of the Komombo Concession in Upper Egypt. The 11,500 km² concession, which is approximately 1,000 km south of Cairo, is already productive but considerable development potential remains.

Komombo Petroleum has implemented P2’s IDEAS solution in order to handle accounting for the joint venture. IDEAS complies with Egyptian regulations, as well as providing the financial reports required by the Egyptian General Petroleum Company (EGPC) and other partners.

Kareem El Kot, Deputy Finance Manager, Komombo Petroleum explained: "It was our pleasure to continue working with P2 Energy Solutions. We had confidence in IDEAS from its use previously by Dana Gas Egypt – this is why we proposed it as the accounting information system for our newly-created JV 'Komombo Petroleum'.  I trust that IDEAS will facilitate the financial control process and ensure high accuracy for Komombo’s accounts."

This exciting new contract comes as P2 opens a new and larger office in the Tunisian capital. The office will house P2’s resourceful and multi-talented team in Tunisia, and will allow P2 to offer dedicated support and client training for customers operating across North Africa.

Charles Goodman, P2's President and CEO, commented: "With the Komombo contract and new office in Tunis, P2 continues to build its presence in North Africa. From this strong foundation we will be looking to grow our regional customer base, especially in the upstream oil and gas sector, over the coming years."

About P2 Energy Solutions
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing to the energy industry. More than 1,450 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. P2's core focus is the upstream oil and gas industry. P2's solutions are flexible and extensible and have been adopted by customers in manufacturing, midstream oil and gas, mining and minerals. With more than 80 years of experience in data and 30 years in software, P2 has offices around the world, and employs over 700 people. For more information, please visit www.p2energysolutions.com.

About Dana Gas
Dana Gas is the Middle East’s leading private sector natural gas company producing some 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq. The company has proved plus probable reserves of 152 million barrels of oil equivalent and a resource potential of some 900 million barrels from its world class acreage in Egypt and Iraq. Dana Gas is a rapidly growing company targeting a doubling in production over the 2011 – 2013 period from its 2010 average of 55,500 barrels of oil equivalent per day. Established in 2005 with over 300 prominent founder shareholders from across the Gulf Cooperation Council (GCC) region, Dana Gas is listed on the Abu Dhabi Securities Exchange (ADX). Headquartered in Sharjah in the UAE, Dana Gas has a network of offices in Kurdistan Region of Iraq and Egypt. Dana Gas’ primary area of activity is in the upstream sector (exploration and production) with activities and the Company also operates in the midstream and downstream sectors, in particular where it adds value to its upstream activities. The Company has a geographic focus on the Middle East, North Africa and South Asia (MENASA) Region. For more information, please visit www.danagas.com.

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