Sea Dragon acquired 10% from the share of Al Amir Petroleum Company’s concession in the Red Sea.
This acquisition serves the company’s objective to expand its operations in Egypt.
Last year, Sea Dragon 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 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.