Sea Dragon Energy Inc completed the acquisition of all of the issued and outstanding shares of Premier Oil Egypt of Al Amir field in NW Gemsa Concession.
The other partner in the concession is Vegas Oil and Gas with 50% interest.
Through this $12.5 million deal, Sea Dragon acquired 10% share in the NW Gemsa Concession.
Al Amir field, which is running with the early production system, contains eight wells and the ninth is being drilled, which is called Geyad X2, Premiere has 15% of the total share of the field, along with Vegas Oil and Gas and the Egyptian General Petroleum Corporation (EGPC).
Al Amir field produces more than five thousand barrels per day (bpd), and a very small percentage of the gas is not used but burned as a result of the high cost of the gas extraction compared to the low benefits subsequently.