Egypt: Sea Dragon acquires Gulf of Suez producing assets

A unit of Sea Dragon Energy Inc., Calgary, has acquired National Petroleum Co. Shukheir Marine Ltd. from National Petroleum Co. Egypt Ltd. for $250,000 cash and assumption of a $3 million working capital deficiency.

The acquired assets include a 100% participating interest in the Shukheir Marine concession that contains Shukheir Bay and Gamma oil fields in Gulf of Suez shallow water. The concession produces 460 b/d of oil. NPC SHM also owns $4 million in oil field inventory that can be applied toward operations.

Sea Dragon intends to further develop the concession by pursuing development and exploration opportunities identified on 3D seismic and by geological mapping.

Shukheir Bay field covers 5 sq km and was discovered in 1980 with a deviated well that indicated oil in the Miocene Lower Rudeis sandstones. Five more deviated wells were drilled. The field produced 410 b/d of 34° gravity oil in October 2012 from two wells.

Gamma field covers 23.7 sq km and was discovered in 1987 by an exploratory well that tested oil from the Miocene Kareem formation and Cretaceous Nubia sandstones. Eight more wells were drilled.

In October 2012 the GA-1 well averaged 50 b/d of 44° gravity oil from the Miocene Kareem formation. sandstone in the GA-1 well.

Sea Dragon said Shukheir Bay is a mature field with low risk development drilling locations and workover opportunities, and Gamma field has a large exploration target identified on trend to a well that discovered a significant oil column in the Nubia formation.

With 950 b/d of output from the NW Gemsa concession and 250 b/d from the Kom Ombo concession, the company’s production totals 1,650 b/d.

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