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

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring


The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

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