Petroleum Africa
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Wednesday, May 10, 2006
Dover Petroleum announced that it has received funds for the completion of a signed Farm-out Agreement between Dover Investments, TransPacific Petroleum, Mogul Energy, and Sea Dragon Energy. According to the Farm-out Agreement TransPacific, Mogul, and Sea Dragon will attain an 85% interest in the concession, subject to the Egyptian Government’s approval, by spending a minimum of $4 million to drill two wells on the EWA Concession.
The first well, EWA-4X, is to be completed to the approval of the EGPC within two months of Dover submitting a deed of assignment to Mogul, TransPacific, and Sea Dragon, subject to rig availability. The second well is to be completed to the approval of the EGPC before July 2007. The $2 million required for the first well is already on deposit with an escrow agent to pay for the drilling costs of EWA-4X.
When approval from EGPC comes through, the final interest allotments in the concession will be TransPacific 25%, Mogul 20%, Sea Dragon 40%, Dover Petroleum Corp 11%, Robert Salna 3%, and Brockton International 1%.
The agreement also calls for the Dover Petroleum Corp, Robert Salna, and Brockton International to be carried by TransPacific, Mogul, and SeaDragon.
Sea Dragon President David Thompson said, "This farm-in creates an exceptional opportunity for us as we seek to grow our company and create maximum value for our shareholders. We look forward to developing additional assets in Egypt."
Naeem Tyab, President of Mogul, states that, "Mogul is looking forward to working with its new partners on this exciting project."
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