Sea Dragon, TPC to Jointly Hunt for Hydrocarbons in Egypt
Sea Dragon Energy has entered into an Alliance Agreement with Tanmia Petroleum Company. Under the terms of this Alliance Agreement, Sea Dragon and TPC will have the exclusive right to jointly appraise, develop and produce hydrocarbons from certain undeveloped and under-developed oil and natural gas opportunities located in the Arab Republic of Egypt.
EGPC currently has technical information for an inventory of selected opportunities in oil and gas concessions or development leases which may become available for allocation to TPC.
Sea Dragon jointly with TPC will appraise the information available, evaluate the potential of these fields and select from amongst the field(s) which we wish to submit a development application to EGPC on terms to be negotiated between the parties.
Mr. Said Arrata, chairman and CEO of Sea Dragon, said, "We are delighted with the signing of this Alliance Agreement which will provide Sea Dragon with additional opportunities to acquire further interests in Egypt in discovered and undeveloped or under-developed concessions. At present the Sea Dragon management is evaluating available data on several opportunities we wish to pursue. This agreement with Tanmia is another step in Sea Dragon's strategy of identifying low risk development projects in Egypt to create growth in the company."
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