Sea Dragon pursuing oil production increase in Gulf of Suez

Offshore staff

CALGARY, Canada – Sea Dragon Energy has outlined its initial work program for its newly acquired Shukheir Marine concession in the Gulf of Suez offshore Egypt. The location is about 300 km (186 mi) southeast of Cairo.

The permit area contains the producing Shukheir Bay and Gamma oil fields. Sea Dragon has started a review of upside potential in both fields.

Within the next two months, the company plans to perform an acid stimulation treatment in the Gamma #1 well and a workover and recompletion in the Shukheir Bay #5 well. A successful outcome could lift output by 100-200 b/d. Current production is 415 b/d.

There may be exploratory drilling opportunities may also exist in the Shukheir Bay field in the Upper and Lower Rudeis formations.

Sea Dragon expects to spend $1 million this year on Shukheir Marine, with average daily oil production of 470 bbl.

2/19/2013

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