CALGARY, ALBERTA--(Marketwire - April 21, 2010) -
NOT FOR DISTRIBUTION TO U.S NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Sea Dragon Energy Inc. ("Sea Dragon") (TSX VENTURE:SDX) is pleased to provide an operational update on its activities in Kom Ombo and NW Gemsa Concessions in Egypt.
Kom Ombo Concession: The Egyptian Chinese Drilling Company (ECDC) rig # 1 has been contracted to drill up to 10 wells in the Al Baraka field. ECDC rig #1 is equipped with a top drive and is rated to 10,500 feet and therefore capable of drilling and evaluating the Kom Ombo Basin entire geological sections. The rig is currently mobilized with Al Baraka 5 and 6 locations being prepared to receive the rig. The first well, Al Baraka 6 is expected to spud before the end of April. Sea Dragon's first appraisal well will be targeting the Abu Ballas and Six Hills "E" and "F" zones. An extensive coring and logging program is planned to adequately evaluate all the potential reservoirs. Once drilling operations at Al Baraka 6 are completed the rig will move to Al Baraka 5 well location 2Km to the northwest.
A new 450 Km 2D seismic program, to firm up several prospects and leads, has been designed and scouting of the seismic lines has started. Contract negotiations with State- of- the Art - crew available in the general area is being finalized and applications for various approvals submitted. Assuming various approvals are timely received we plan to start the seismic acquisition in May. Sea Dragon has a 50% working interest in the Kom Ombo Concession which it is jointly operated with Dana Gas Egypt.
NW Gemsa Drilling Operations: The Al Amir SE#6 well has reached a depth of 9,860 feet. While drilling, the well encountered a high pressure zone in the South Gharib Formation. Upon penetration traces of oil and gas were observed at surface. This high pressure zone appears to be stratigraphically equivalent to the Al Amir heavy oil field, located approximately 4Km to the north. In order to prudently continue drilling operations the 9 5/8 inch casing was run and cemented at a depth of 8,000 feet. Drilling in the 8 1/2 inch hole resumed and the primary objective, the oil-bearing sandstones of the Miocene Kareem Formation, was penetrated higher than prognosis. Currently cores are being cut in the Kareem reservoirs to obtain reservoir characteristics information. Following the coring operation drilling will resume to the secondary objective the Pre-Miocene Nubia sandstones and reach the proposed well total depth of approximately 15,000 feet.
Once the total depth has been reached the well will be logged and all the hydrocarbon bearing zones evaluated. Once drilling operations are completed the rig will move to drill Al Amir SE 7 appraisal location. Sea Dragon has a 10% working interest in the NW Gemsa Concession, Vegas Oil and Gas, operator holds a 50% working interest and Circle Oil Plc 40% working Interest.
For further information please see the website of the Company at www.seadragon.ca or the Company's filed documents at www.sedar.com.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading Risk Factors and elsewhere in the Company's filings with Canadian securities regulators. Specifically that there is no assurance that any hydrocarbon reserves will be discovered nor is there any assurance that any hydrocarbons encountered will be in commercially recoverable quantities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and expect as may be required by applicable securities laws.
Sea Dragon is an international exploration and development company with a focus on the Middle East and an office in Cairo Egypt.The TSX.V Venture Exchange has neither approved nor disapproved of the information contained herein. The TSX.V Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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