Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Sea Dragon Farm out Agreement for South Disouq Concession in Egypt
Amwal Al Ghad Published in Amwal Al Ghad on 19 - 08 - 2014

Sea Dragon Energy Inc., an oil & gas exploration and production company with assets in Egypt , announced Tuesday it has entered into an agreement with IPR Energy Resources, Ltd ("IPR") to farm-out a 45% participating interest in the South Disouq Concession, located in the Nile Delta, Egypt.
The South Disouq concession comprises 1,275 km2 of acreage in the Nile Delta of Egypt and is anticipated to contain significant gas potential. It is located within the prolific Abu Madi-Baltim trend, which currently contains 10 discoveries, containing 6.3Tcf of gas and 100 MMbo of liquids.
Under the terms of the agreement IPR will carry the cost of the 1st Phase Commitment well, subject to a cap, pay $1.9 MM of the signature bonus, fund its proportionate share of the remaining work program and will have the option to operate the Commitment well.
IPR is a privately held company based in Dallas, TX - USA with exploration and production assets in Egypt , USA , and Pakistan. IPR has been active in Egypt for over 30 years and currently has operations and equity interests in 6 concessions. It also has a global upstream consulting business and an oil field services division in Egypt.
This agreement remains subject to final approval by the regulatory authorities in Egypt . Post approval, Sea Dragon will have a 55% interest in the concession, with IPR holding the remaining 45%. Sea Dragon will continue to be the operator.
Commenting, Paul Welch, CEO of Sea Dragon, said: "This agreement is an important milestone for the development of the South Disouq concession, which in itself is a key asset for the Company, representing significant exploration upside potential in an area the Sea Dragon management team have had proven success. The farm-out will also provide Sea Dragon with the financial flexibility to continue to develop and invest resources across our wider Egyptian asset base. We look forward to working with IPR to explore for the significant potential within this concession".
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.

Clic here to read the story from its source.