Vegas Oil Sees Traces of Oil in Kom Ombo Concession

West Kom Ombo Block
(Click to Enlarge)

The Al Baraka No. 9 well was drilled to a total depth of 5,185 feet, logged and cased. Oil shows while drilling indicated oil pay in the Abu Ballas and Six Hills "F" Formations. The well is currently awaiting the arrival of the service rig to carry out completion and testing operations. The drilling rig will now move to drill the Al Baraka SE step out well, located some 4 km to the south towards the edge of the development lease.

Of the 8 wells drilled in the Al Baraka field to date, 4 have been selected for fracturing treatments. Once these stimulation operations are completed and Al Baraka SE and Al Baraka No. 11 are drilled, gross production from the field is expected to exceed 2,000 bopd, which will be over two fold increase from current levels.

The completion/workover rig has now been selected. Contract negotiations were completed and the rig is on the move to the Al Baraka field and is expected to be operational by the middle of September.

Seismic processing and interpretation of the recently acquired seismic program is currently underway with the view of potentially drilling an exploratory well before year-end.

Sea Dragon has a 50% working interest in jointly operated Kom Ombo Block with Dana Gas Egypt owning the remaining 50%.

NW Gemsa Concession

The Al Ola X-1 well spud on July 15th and is currently drilling at 13,550 feet. The primary objectives for this well being the Shagar and Rahmi members of the Kareem Formation were successfully encountered with 6 feet and 19 feet of oil pay respectively. No oil water contact was seen in this well and once tested it will result in extending the Al Amir SE development lease to the south of the existing field boundary, with the potential of increasing the field's reserves. Casing was run and cemented over the Kareem Formation to a depth of 10,600 feet. Drilling then resumed to penetrate and evaluate the secondary objective in the Lower Rudeis Formation, where gas and condensate were tested in the Al Amir SE No. 6 well. Strong gas shows were encountered in the interval 13,400-13,500 feet. This well is expected to shortly reach a total depth of 13,700 feet.

Production from the Al Amir, Al Amir SE and Geyad fields in the NW Gemsa Concession is holding steady at 9000 bopd.

Sea Dragon has a 10% working interest in the NW Gemsa Concession with Vegas Oil at 50% as operator and Circle Oil with 40%.

Company Chairman and CEO Mr. Said Arrata stated, "Development drilling activities in both of our concessions in Egypt continue to yield successful results. The completion and placement of these new wells on production in Al Baraka and Al Amir SE fields should allow us to meet our 2010 year end targets."


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