Egypt: Sea Dragon reports progress at Kom Ombo

Sea Dragon Energy Inc., Calgary, plans to further explore the Komombo A sand, which is producing from a single well in Al Baraka field in the Kom Ombo basin in southern Egypt.

The field is averaging a gross 700 b/d of oil, entirely from the Six Hills and Abu Ballas formations except for the AB SE-1 well. The Komombo sand has been oil-bearing in each well that penetrated it.

Geological, geophysical, and engineering work are in their final stage, including 3D seismic reprocessing, basin modeling, and remapping of the field and exploratory prospects. Results are being incorporated to finalize drilling locations for two commitment wells and the AB-16, AB-17, and AB-18 development wells.

The new drilling program targets optimal Komombo A locations with the two main producing formations as secondary targets. An analysis of Abu Ballas and Six Hills waterflood potential is under way.

A rig is to be mobilized to the concession, and drilling is to start in the fourth quarter of 2011. Sea Dragon has 50% interest in the concession, which is generated netbacks of more than $50/bbl in the 2011 second quarter. Sea Dragon and Dana Gas hold 50-50 interests in the concession.

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