Sea Dragon Announces Recent Well Results in NW Gemsa Al Amir S.E. #19
LONDON, March 3, 2014 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon" or the
"Company") (TSX VENTURE: SDX), an oil & gas exploration and production company
with assets in Egypt, is pleased to announce the Al Amir SE 19 development
well has encountered significant oil bearing reservoir sections in both the
Kareem Rahmi and Shagar formations and will be completed as a producer in the
Al Amir SE-19 Well:
Al Amir SE-19 (AASE-19) was drilled to a depth of 10,000 feet where both the
Shagar and Rahmi oil reservoirs were encountered. Log analysis indicates 19
feet of net Shagar oil pay and 10.5 feet of net Rahmi oil pay. The well has
been completed as an oil producer in the Shagar and has flowed on test light
42.3⁰ API oil at a rate of 1,365 BOPD with 1.405 MMSCFD of associated gas.
The well is currently shut in for a build-up but will be placed in production
as soon as the rig is moved off location.
Commenting, Paul Welch, CEO of Sea Dragon, said:
"The AASE19 well results were very positive. The development program at NW
Gemsa continues to deliver superior results and we anticipate another strong
year of production from this asset in 2014. It's a great asset with
significant future potential. We are excited about the year ahead in Egypt as
the situation continues to improve and I look forward to reporting on the
growth of our business there as it expands and develops".
The NW Gemsa concession is located onshore on the west side of the Gulf of
Suez, approximately 300 km southeast of Cairo. Two main oil fields are
producing light oil, the Al Amir SE field along with the Al Ola extension to
the south and the Geyad field to the north. Sea Dragon has a 10% working
interest in the NW Gemsa Concession with Vegas oil and gas at 50%, as operator
and Circle Oil PLC with 40%.
The company's current net production in Egypt is 1,705 boepd with 1,305 boepd
net from NW Gemsa, 400 bopd net from Shukheir Marine.
About Sea Dragon Energy Inc.
Sea Dragon is an international exploration and development oil company with a
focus on North Africa and the Middle East. Activities are currently
concentrated in Egypt, with interest in 4 concessions with short and long term
potential. For further information please see the website of the Company at
www.seadragonenergy.com or the Company's filed documents at www.sedar.com.
Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities
laws. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or are not statements of historical fact should
be viewed as forward-looking statements. In particular, statements concerning
the 2014 drilling and capital expenditure programs of the NW Gemsa, Shukheir
Marine, South Disouq and South Ramadan Concessions and the results referenced
or implied herein should be viewed as forward-looking statements. All reserves
information contained herein as well as the net present value of such reserves
should be considered as forward looking statements. The forward-looking
statements contained in this document are based on certain assumptions and
although management considers these assumptions to be reasonable based on
information currently available to it, undue reliance should not be placed on
the forward-looking statements because the Company can give no assurances that
they may prove to be correct. By their very nature, forward-looking statements
are subject to certain risks and uncertainties (both general and specific)
that could cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. Such risks and
other factors include, among others, costs and timing of exploration and
production development, availability of capital to fund exploration and
development and political, social and other risks inherent in carrying on
business in Egypt. See Sea Dragon's Annual Information Form for the year
ended December 31, 2012 for a description of the risks and uncertainties
associated with the Company's business, including its exploration activities.
The forward-looking statements contained in this press release are made as of
the date hereof and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, except
as required by applicable law.The forward-looking statements contained herein
are expressly qualified by this cautionary statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
SOURCE Sea Dragon Energy Inc.
Sea Dragon Energy Inc. Paul Welch President and Chief Executive Officer Tel:
+44 203 219 5640 Olivier Serra Chief Financial Officer and Director
Tel: +44 203 219 5640 Bell Pottinger (Financial PR) Philip Dennis / Joanna
Boon Tel: +44 (0) 207 861 3232 Brisco Capital Partners Corp. (Investor
Relations) Scott Koyich Tel: +1 (403)262.9888
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CO: Sea Dragon Energy Inc.
NI: OIL FIELD
-0- Mar/03/2014 12:31 GMT
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