Sea Dragon to sell stake in Egypt Kom Ombo concession

An undisclosed private company will acquire the entire 50% interest held by a unit of Sea Dragon Energy Inc., Calgary, in the Kom Ombo concession in the Kom Ombo basin in southern Egypt.

Consideration is $6 million in cash, and closing is expected around Sept. 30.

Operated by Dana Gas, which holds the other 50% interest, the concession lies 1,000 km south of Cairo. The concession, acquired in April 2010, consists of two producing fields, Al Baraka and West Al Baraka. Production totals 412 b/d of oil. Management estimates of the concession reserves as of the end of 2012 were a gross 1.3 million bbl of oil.

Sea Dragon said it reviewed its strategy and asset portfolio and found Kom Ombo to be noncore. It will reinvest funds from the sale in its Egypt Gulf of Suez fairway producing assets where the company recently acquired the Shukheir Marine concession.

Related Articles

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected