Sea Dragon Energy Inc. is pleased to announce the successful completion, testing and placement on production of the fourth well in the Al Amir S.E. Field in the N.W.Gemsa Concession in Egypt.
The Al Amir S.E. #4 well tested 40 degree API crude oil and solution gas from the Kareem Formation at a rate of 5000 bopd and 7 mmscf/d using a 64/64inch Choke. The Choke size was decreased to 32/64inch for good
production practices and the well was placed on production at a stabilized rate of 2580 bopd and 2.88 mmscf/d. With the Al Amir S.E. #4 well now on stream, oil production from the NW Gemsa concession should soon exceed 7000 bopd.
The Kareem Formation in this well contained a gross pay section of 70 feet which is the thickest pay found in the Al Amir S.E. Field thus far.
The Drilling Rig has now moved and commenced drilling the Geyad #2 appraisal well. At the time of this press release the well was drilling below 2,000 feet towards its primary target in the Miocene Lower Kareem Formation expected at approximately 6, 000 feet. This well is also planned to test secondary targets in the Pre-Miocene including the Nubia sandstones at 11,800 feet.
The Nubia Formation in this area can be quite prolific and if found productive could add significantly to the resource potential of the block.
Commenting on the test results of the Al Amir S.E. #4 well, Mr. Said Arrata, Chairman and CEO of Sea Dragon said:
"Our continued success in exploiting the NW Gemsa Concession and ramping up production from the Al Amir S.E. Field is very exciting indeed. It reinforces our expectations for the significant upside this concession holds."