Sea Dragon Preps for Gulf of Suez Drilling Program

Sea Dragon Energy is making final preparations for the East Wadi Araba Concession exploratory drilling program.

The Company is finalizing logistics for towing the rig to the Company's first prospect, Dahab North target to commence the drilling program. Further, all necessary permits including the satisfactory seabed survey have been completed, drilling supplies are ready and charted, rig crews secured and tow boats have been contracted.

"We are excited to announce final preparation of our Dahab North offshore drilling prospect. Weather permitting, the GSF Rig 103 will be towed to our location to begin preparation for spudding by mid November" stated David Thompson, Sea Dragon's president and chief executive officer. Thompson continued, "The EWA Concession is analogous to the Warda oil field which is located to the north of our first target. Cumulative Warda production to date is approximately 50 million with an additional 20 - 50 million barrels still to be recovered and reported rates of production were 8,500 STB/d."

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