Sea Dragon announced that the Dahab North Prospect was drilled by the Company to a final total depth of 9,750' MD/8,644' TVD utilizing the GSF #103 rig and has been fully evaluated by drilling two well bores from the same surface location in order to test Miocene and Pre-Miocene targets.
The well encountered two separate reservoirs in the Kareem and Rudeis formations and hydrocarbons were encountered however the hydrocarbons did not meet the Company's economic criteria. The Company is currently performing plug and abandonment operations.
The Company will consider additional drilling on the EWA Concession as it further assesses the results of the recent drilling and also awaits interpretation of the results from a well that is currently being drilled from the adjoining concession, South Warda.
Sea Dragon President and Chief Executive Officer David Thompson stated, "While we are disappointed by the results to date of the Dahab North well we are examining options for further development in the EWA Concession."
Consistent with the Company's long term intention to combine its exploration activities in the Gulf of Suez with lower risk assets it is announcing two new projects which will provide the Company with production and development opportunities that it believes have considerable upside potential.
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