Dana Gas has agreed to sell its onstream Egyptian portfolio to IPR Energy Group for up to US$236 million. In this report we provide an overview of the assets transacted and analyse the deal valuation, upsides, risks and strategic drivers for the deal. The transaction includes 100% working interests in four onshore concessions covering multiple gas and condensate fields. The sale comprises a base cash consideration of US$153 million and contingent payments of up to US$83 million. Contingent payments are subject to average Brent prices and production performance between 2020-23, and the realisation of potential third party business opportunities. Dana Gas will use the proceeds to pay down debt and fund general corporate expenses. The company will retain its exploration acreage in Egypt but the main focus will shift to ongoing development of its assets in Kurdistan. For privately-held IPR, the mature assets play to its strength in enhancing recovery from onstream fields.