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Sea Dragon completes sale of interest in Kom Ombo concession


Published Nov 6, 2013
Sea Dragon in Egypt

Sea Dragon Energy Inc. has completed the previously announced sale of all of the issued and outstanding shares of its indirect wholly-owned subsidiary Sea Dragon Energy (Kom Ombo) Ltd. (Kom Ombo) for cash consideration of US$6 million paid at closing. Adjustments in favour of Sea Dragon estimated to be approximately US$1.2 million are also payable with the first installment having been paid at closing and the balance to be paid in three equal monthly installments, commencing November 25, 2013.

Kom Ombo owns a 50% participating interest in the Kom Ombo Concession which is located in the southern part of the Arab Republic of Egypt, approximately 1000 km's south of Cairo.

Tags: Sea Dragon Energy Inc.




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