Dubai-based Dragon Oil plc, an international oil and gas exploration, development and production company, announced Thursday that it has been notified by Ganoub El Wadi Holding Petroleum Company (Ganope), one of the main entities of the Petroleum Ministry responsible for all exploration and production activities in the southern part of Egypt, that the Company's offer for Block 19 in the Gulf of Suez, Egypt, has been initially accepted. This acceptance will be final after the approval by the governmental competent authorities. This is a normal process of final government approvals, which will result in an official decree awarding Dragon Oil the block.
Dragon Oil participated in the Ganope International 2012 Bid Round #1, which included 20 exploration blocks in the Western Desert, Eastern Desert, Red Sea and the Gulf of Suez.
Block 19 East Zeit Bay (in which Dragon Oil will have a 100 percent interest) is located offshore in the prolific southern Gulf of Suez region. The block covers an area of 36 square miles (93 square kilometers) and lies in shallow waters ranging in depth from 32 to 131 feet (10 to 40 meters). A number of producing oil fields are adjacent to or near Block 19, namely East Zeit, Hilal, Ashrafi, SW Ashrafi and Zeit Bay fields. Dragon Oil plans to do seismic acquisition and analysis over an area of approximately 38 square miles (100 square kilometers) and drill two wells during the initial exploration period.
Dr Abdul Jaleel Al Khalifa, CEO, said:
"I am delighted to announce this successful bid by Dragon Oil in Egypt's Ganope International 2012 Bid Round #1. The block's location in shallow waters fits well with our expertise and represents a strategic move for Dragon Oil in the country rich in hydrocarbon resources and opportunities.
"We look forward to working closely with the host government to apply our experience and technical knowledge in Egypt. Today's announcement is yet another step towards the diversification of Dragon Oil's portfolio of assets."
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