Sea Dragon set for stake in South Ramadan offshore Egypt

Offshore staff

CALGARY, CanadaSea Dragon Energy has acquired equity in the South Ramadan concession in the Gulf of Suez, offshore Egypt.

The 26.2-sq km (10.1-sq mi) concession, in 27 m (88.6 ft) of water, contains two proven productive horizons in the Eocene-age Thebes and Senonian-age Matulla carbonates.  These horizons have to date produced 3.75 MMbbl of light oil (31° API) from two wells tied back to an existing platform.

The acreage is between the 550-MMbbl Ramadan field and the 80-MMbbl Saqqara field, both of which produce light oil from lower Cretaceous Nubia sandstones which are the prime development targets within the concession.

Pico has a 37.5% operating stake, with Sea Dragon holding 12.75% (subject to approvals) and GPC 50%. Work commitments over the 10-year extension period include drilling of a new well and facility upgrades.

01/02/2014

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