Sea Dragon to P&A Dahab North well

Sea Dragon has completed drilling on the Dahab North prospect.

Offshore staff

CALGARY, Canada -- Sea Dragon has completed drilling on the Dahab North prospect. The rig GSF 103 drilled the well to a total depth of 9,750 ft (2,972 m). The well was fully evaluated by drilling two wellbores from the same surface location in order to test Miocene and Pre-Miocene targets. The well encountered two separate reservoirs in the Kareem and Rudeis formations and hydrocarbons were encountered; however, the hydrocarbons did not meet the company's economic criteria. Sea Dragon is currently performing plug and abandonment operations.

The company is considering additional drilling on the EWA Concession and is currently assessing drilling results from a well on the adjoining South Warda concession.

Sea Dragon also reports that it has entered into a letter of intent for an exclusive period with Dover Investments to acquire, subject to applicable governmental approvals, the Ras El Ush concession in the Gulf of Suez, Egypt. The Ras El Ush concession currently produces approximately 1,000 b/d of oil. The company has been advised that production may increase through well stimulation. There are also other exploration targets on the concession, the company says.

02/26/2009

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