Sea Dragon provided the following update on its operations in Egypt.
Kom Ombo Block 2
The Al Baraka No. 5 well has now reached its final depth of 5,200 ft in the Six Hills Formation. The main target of the well being the Six Hills "E" sands, previously encountered in the Al Baraka 4 well were successfully penetrated. Two cores were cut totaling 97 ft. The Six Hills "E" formation encountered up to 75 ft gross sands with Oil saturations. The well was logged and cased and will soon be perforated and tested. Test results are expected shortly. Once the well is completed and tested, the rig will move to the third well in our ten development well program in the Al Baraka field. Al Baraka 6 has now completed its initial testing and the results of the coring operation are being interpreted. Fracturing stimulation equipment is being moved to the site to commence fracturing operations to optimize production.
The 400 km 2D Seismic program in the Kom Ombo Block commenced on June 16th. To date some 280 km have been acquired for a 70% program completion. The results of this new seismic survey will be used to further delineate previously identified leads and prospects with the view of drilling an exploratory well outside of Al Baraka development lease before year-end.
Sea Dagon has a 50% working interest in Kom Ombo with Dana Gas Egypt owning the remaining 50% and Jointly Operated.
The Al Amir SE No. 6 well after having reached a total depth of 13,900 ft was successfully logged and cased to a depth of 13,895 ft. The lower Rudeis formation was perforated in the interval 13,758 ft to 13,794 ft and tested. The well produced gas at rates of 1.1 mmscf/d to 1.6 mmscf/d along with condensate at rates reaching a maximum of 150 bcpd. The well was shut in for a pressure build up and then plugged back to a depth of 10,520 ft. The well is currently being completed in the Kareem Shagar formation in the interval 9,805 ft to 9,835 ft. A flow test will follow in the coming few days before the well is shut in for a pressure build up and then placed on production. While the lower Rudeis formation will not produce at this time the results of the perforation and testing do indicate future potential. The drilling rig will next move to the Al Ola No. 1 exploratory well location.
The company's working interest share of production from the Al Amir SE and Geyad fields in the NW Gemsa concession and the Al Baraka field in the Kom Ombo concession is running steady at 1,200 bopd with an expected 2010 target exit of 3,000 bopd.
Commenting on the progress made to date on our operations in Egypt, Company Chairman and CEO Mr. Said Arrata stated, "I am quite delighted with the progress of our drilling program. We are on schedule and on budget with our development plans to accelerate production. The company will continue its focus short term on organic growth in Kom Ombo and NW Gemsa with the view of maximizing production and cash flow. I am also looking forward to exploring the vast potential of the undrilled acreage in Kom Ombo."
Sea Dragon has a 10% working interest in NW Gemsa with Vegas Oil at 50% (operator) and Circle Oil Plc with 40%.
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