Sea Dragon Updates Egypt Operations

Sea Dragon provided the following update on its operations in Egypt.

NW Gemsa Concession

The Al Ola X-1 well spud on July 15th has now reached its total depth at 14,323 feet in the Nukhul Formation. The newly drilled section in the Rudeis Formation was logged and the well will now be cased to total depth. The Lower Rudeis Formation, where strong gas shows were encountered, is now being analyzed with the view of being tested prior to completing the well in the Kareem Formation. The Shagar and Rahmi members of the Kareem Formation were successfully encountered with 6 ft and 19 ft of oil pay respectively. No oil water contact was seen in this well and once tested and placed on production, it will result in extending the Al Amir SE development lease to the south of the existing boundary with the potential of significantly increasing the field reserves.

Production from the Al Amir, Al Amir SE and Geyad fields in the NW Gemsa Concession is holding steady at 9000-9500 bopd. Water flooding operations are now planned for the Al Amir SE and Geyad fields to provide pressure support and significant production increases. Cumulative production from the concession has now reached 3.3 million barrels of 41 degree API oil.

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

Kom Ombo Concession

The Al Baraka SE step out well was spud on September 15th. The well is located some 4 km southwest of the Al Baraka No.9 well and is intended to delineate the edge of the Al Baraka field. The well is scheduled to reach a total depth of approximately 8500 ft and will test all sands including the Kom Ombo Formation. Additional development wells and possibly an exploration well will be drilled following the completion of this step out well.

The completion/work-over rig, ECDC Rig 5 will soon commence completion operations on the Al Barak No.9 well following its inspection and acceptance by the operator.

The Al Baraka field is now producing some 600-700 bopd gross. With the imminent arrival of the completion/work-over rig, production rates should soon begin to rise towards an expected year end exit target of some 2000 bopd.

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

Sea Dragon also announced the resignation of Mr. David Thompson as Director and Officer of the corporation for personal reasons. The company and staff wish to thank David for his significant contributions to our success over the past few years.

Commenting on these latest developments on our operations in Egypt, Company Chairman and CEO Mr. Said Arrata stated, "We are quite encouraged by the continued success of the development drilling campaign in NW Gemsa and the anticipated rise in production and reserves from the planned waterflooding operations. The commencement of our completion and work over program in Al Baraka field should also result in a gradual increase in field oil production towards year end. I would also like to thank David on behalf of the Board of Directors for his guidance and wise counsel and wish him the best in his future endeavors."


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