Sea Dragon Updates on E&P Activities in NW Gemsa Concession

Sea Dragon has provided the following operational update on its drilling, testing and production activities in the NW Gemsa Concession in Egypt.

Production and Testing Operations

Al‐Amir S.E. #4 well: A detailed review of the test data on this well revealed a peak production rate of 5,500 bopd and 7.1 mmscf/d of solution gas. The oil gravity was measured at 40 degree API. The well is continuing to clean up with yesterday’s full day production on a 32/64” choke measured at 2,700 bopd and 3.78 mmscf/d of solution gas.

Al‐Amir S.E. #2 well: This well was shut‐in for a short period of time to allow for a pressure survey to be run and was placed back on stream with a contribution for half a day to total daily production from the field.

Once all producing wells in the Al‐Amir S.E. and Geyad fields are on stream and contributing fully, daily production from the concession is expected to be approximately 7,200 bopd.

Drilling Operations

Geyad #2 well: Drilling operations continued and the well has now reached a depth of 2,600 feet. Upon reaching a depth of 3,500 feet, the well will be cased. This well is programmed to drill into the Miocene Lower Kareem zone and a secondary target to the Pre‐Miocene and Nubia Sandstones with a 9 5/8 inch hole so as to allow for a 7 inch casing string to be installed in the event the Nubia Formation is productive.

Sea Dragon holds a 10% working interest in the onshore NW Gemsa Concession in Egypt, which is located approximately 300km South East of Cairo. The current partners are Vegas Oil and Gas (the current operator), holding a 50% interest and Circle oil Plc. with 40% interest.