West Kom Ombo Block
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Sea Dragon provided the following update on its Operations in Egypt.
Kom Ombo Concession
Al Baraka #12 Well
The well was spud on November 4th and drilled to its total depth of 4,910 feet in the Six Hills Formation. Open hole logs were run and analyzed. The primary objective being the Six Hills "E" Formation was successfully encountered with 20 feet of oil pay. Casing was run and the drilling rig was released on November 14th. The well will be completed shortly using the work over rig.
Al Baraka SE Well
This step out well was spud on September 15 and drilled to its total depth of 8,750 feet in the Kom Ombo Formation. Petrophysical analysis of the open hole logs indicates 46 feet of potential oil pay in the Kom Ombo "A" and "C" Formations. The Kom Ombo "A" Formation was perforated in the intervals 8,499-8,511 feet and 8,448-8,456 feet and the well will be placed on production shortly. The testing of oil in the Kom Ombo sands is very encouraging as it could potentially result in additional development drilling and production from this southeastern extension of the Al Baraka Field.
Al Baraka #9 Well
The Abu Ballas and Sabaya Formations show 50 feet of potential oil pay. The well will now be recompleted in these formations as the Six Hills "E" sands showed non-commercial quantities of oil.
Al Baraka #6 Well
Recompletion operations were carried out in this well in the Six Hills "E" sands and the well was returned to production.
Remaining in the 2010 work program is the drilling and completion of up to two development wells and one exploration well, and the recompletion and fracturing of up to three wells.
Sea Dragon has a 50% working interest and is a joint operator of the Kom Ombo Concession with Dana Gas Egypt owning the remaining 50%.
Commenting on the latest developments on the Company's operations in Egypt, Company Chairman and CEO Mr. Said Arrata stated, "Our Company is now engaged in a very active development drilling program in the Kom Ombo concession. Our aim is to ramp up production quickly in order to meet our exit target of 2,000 barrels per day."