Sea Dragon Energy Inc has completed the acquisition of all of the issued and outstanding shares of Premier Oil Egypt (NW Gemsa) B.V.
Sea Dragon signed a sale and purchase agreement with Premier Oil Overseas B.V on the 19th of August 2009, through which Sea Dragon was given a 10% working interest in the NW Gemsa Concession.
“We are very pleased to have concluded this acquisition. The NW Gemsa property is very exciting for us and we have high expectations for the completion of the development program and possible additional exploration potential,” said Said Arrata, Chairman and CEO of Sea Dragon Energy Inc, commenting on the closing of the acquisition and the company’s involvement in the NW Gemsa propert.
The NW Gemsa Concession is located approximately 300 km south east of Cairo.
The other two partners in the concession are Vegas Oil and Gas S.A. (Operator, 50% working interest) and Circle Oil Plc (40% working interest).