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.

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