02 January 2014, News Wires – UK junior Sea Dragon Energy has snapped up a sizeable stake in a concession offshore Egypt with one wildcat in sight.
The explorer has grabbed a 12.75% slice in the South Ramadan concession in the Gulf of Suez.
The 10-year concession calls for $23 million of investment, which includes the drilling of one well and facility upgrades.
Pico International Petroleum is the operator on 37.25% with local player General Petroleum Company on 50%.
The concession covers 26.2 square kilometres and sits in water depths of 27 metres.
There are two proven productive horizons on the concession that between them have to date produced 3.75 million barrels of light oil from two wells.
The acreage sits between the Ramadan field and the Saggara field.
– Upstream
