Sea Dragon Energy Inc. announce the acquisition of an equity interest in the South Ramadan Concession located offshore in the Gulf of Suez, Egypt.
The 26.2 km2 concession, located in 27m of water, contains two proven productive horizons in the Eocene age Thebes and Senonian age Matulla carbonates. These horizons, combined, have produced 3.75 MMBO of light oil (31'API) to date from two previously drilled wells tied back to an existing platform.
The concession is also located between the giant Ramadan field (550 MMBO) and the Saqqara field (80 MMBO) both of which produce light oil from the Lower Cretaceous age Nubia sandstones which are the primary development targets within this concession. The work commitment, over the 10 year extension period, is $23MM which consists of 1 new well and facility upgrades.
Sea Dragon is a 12.75% equity owner in the South Ramadan concession with Pico holding 37.5% and operatorship and GPC holding the remaining 50%.