The company will repay the term facility over a period of 15 quarterly investments and will commence the project in second half of 2015 while the Zora gas field is expected to come on stream in the first half of 2015.
Currently, the term facility is slated to mature on 30 November 2018.
Approximately $49m of the equity financing has been spent by Dana as part of the project, as of June 2014.
Dana Gas chief executive officer Dr Patrick Allman-Ward said: "The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015.
"Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the UAE."
The Zora Gas Field, which spans the territorial waters of Sharjah and Ajman, will provide an additional source of gas for local power generation in the northern Emirates.
Comprising a tilted fault block structure with a closure of some 25km², the field has an expected production capacity of 40 mmscfd (6,650 boepd).
