Sea Dragon boosts Egypt’s national oil output

03 April 2013, Cairo – Sea Dragon Energy Incorporated said in the latest operational update on its work activities in Egypt that its output in the north African country has risen.

The company’s net production averaged 1,526 barrels of oil per day, bopd, in the month of January 2013 and has now reached 1,840 barrels of oil equivalent per day, boepd, or 1,720 bopd and 120 boepd in gas and NGL’s.

In NW Gemsa, oil production is averaging 9,900 bopd gross (990 bopd net), while gas and NGL’s are adding another 1,200 boepd gross (120 boepd net), it said.

Production is averaging 500 bopd gross (250 bopd net) in Kom Ombo; while in Shukhier Marine the company is producing 480 bopd.

Over the past two months, Sea Dragon has also been able to collect a significant percentage of its aging receivables thus enabling it to reduce the receivables amount to $4.63 million and the age of its receivables to two months based on current production.

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