Ahmad Farid Moazz, general manager of the Canadian oil exploration company Sea Dragon, confirmed that the company’s total production in Egypt is currently at 1,000 b/d.
In exclusive statements made to Al-Mal newspaper he said that the company’s productivity had declined after work had been completed in the Choucair and Jama concession area because the duration of the agreement had come to an end. There was also the fact that the company had sold its petroleum concession in the south Kom Ombo concession area.
Sea Dragon had entered into an agreement with IPR Energy Resources (IPR) to farm-out a 45% participating interest in the South Disouq Concession, in exchange for an IPR commitment to 45% of the total investment.
Moaaz added that the Petroamir Gamasa concession is the only area where his company is producing currently, expecting overall figures to rise once production from Sea Dragon’s new concession in Desouk begins.
He stressed that the new concession area was promising, adding that his company is currently preparing to launch new a seismic survey program there. This process should take 8 months so that the planned drilling program can begin in the region over the next year. He expected several exploration wells to be drilled there and not only one as originally stated in the agreement.
A few days ago Al-Mal published exclusive news confirming the Canadian company had completed the evaluation of the tender it had made recently to select a foreign company so it can begin with its seismic surveys in the Desouk concession.
The Canadian company is currently awaiting EGAS’s final approval of the tender results, in preparation for the first phase of seismic surveys for the new concession area.