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Friday, January 3, 2014
Sea Dragon Energy has acquired new acreage in Egypt. The company reported that it has picked up an equity interest in the South Ramadan Concession located offshore in the Gulf of Suez, Egypt.
The concession contains two proven productive horizons in the Eocene-age Thebes and Senonian age Matulla carbonates. These horizons, combined, have produced 3.75 million barrels of light oil to date from two previously drilled wells tied back to an existing platform.
The work commitment, over the 10-year extension period, is $23 million which consists of one new well and facility upgrades.
Sea Dragon is a 12.75% equity owner in the South Ramadan concession with Pico holding 37.5% and operatorship, and GPC holding the remaining 50%.
Commenting, Paul Welch, CEO of Sea Dragon, said: “Securing an interest in this concession underpins our focus on developing reserves and expanding production within the Gulf of Suez Fairway that we have been developing over the last year. The capital raised from the recent sale of our Upper Egypt assets will be redeployed into an area where we’ve had considerable success and understand the geology well. I am looking forward to reporting on the development of this concession in the coming months. ”
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