Sea Dragon has entered into a letter of intent for an exclusive period with Dover Investments Limited to acquire, subject to applicable governmental approvals, the Ras El Ush concession which is situated in the Gulf of Suez, Egypt.

The Ras El Ush concession is a producing concession situated offshore in the Gulf of Suez and it currently produces approximately 1,000 BOPD of production which would generate immediate cash flow to the Company upon closing of the transaction.

The Company has been advised that there is the possibility to increase existing production through well stimulation. Additionally there are other exploration targets on the concession.

(Rigzone)