Dover Investments Inks Exploration Deal with Egypt

Egypt has signed an oil exploration and development agreement with Canadian-based Dover Investments Limited for a concession in the Gulf of Suez, southeast of the capital. The agreement is for the East Wadi Araba concession and was signed with Egyptian Oil Minister Sameh Fahmy on Thursday. Under the agreement, which covers 151.7 sq mile area, Dover will spend at least $12 million over seven years and dig six wells.