CALGARY, ALBERTA--(Marketwire - June 10, 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 the following update on its drilling operations in Egypt.
Kom Ombo Block 2:
The Al Baraka #6 well was drilled to a total depth of 5,035 feet in the Six Hills Formation. An extensive coring and logging program was carried out on this well being the first of the company's ten well program for 2010. A total of nine cores (600 feet) were cut which will be analyzed for geological and engineering data to help in the design of an expected fracturing programme of existing producers and future wells in the Al Baraka Field.
Preliminary analyses of the cores indicate oil saturations in the Abu Ballas and Six Hills "F" formations. Net pays are estimated at 30 feet for the Abu Ballas Formation and 75 feet in the Six Hills "F" Formation. The estimated pay in the Six Hills "F" formation show significant thickening and contain two zones, the upper zone shows a lateral communication with al Baraka 2 while the lower is a new zone. Completion and testing operations will now be carried out on the Six Hills "F" lower zone pending the mobilization of fracturing and testing equipment. The Six Hills "E" sands appear to be absent in this well.
The drilling rig will now move to the Al Baraka#5 location expected to spud before the end of June.
Sea Dragon has a 50% working interest in the Kom Ombo Concession which it is jointly operated with Dana Gas Egypt.
The Al Amir SE#6 well has reached its final depth of 13,900 ft. in the Lower Rudeis Formation. The well was logged, cased and is currently undergoing completion and testing operations. The primary targets being the Upper Shagar and Lower Rahmi sands in the Kareem Formation were found oil bearing with net pays of 30 feet and 24 feet respectively. Additionally, Petrophysical analysis of the deeper Lower Rudeis Formation shows an 8 foot net pay section and a substantial amount of gas, which will be perforated and flow tested for pressures and fluid content. This will provide further analysis to determine if the Nubia sands have hydrocarbon potential and if another well is merited to drill down to the Nubia zone.
As reported earlier, once testing operations are completed in the Lower Rudeis Formation, the well is planned to be plugged back and completed in the Kareem Shagar formation as an additional producer.
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.seadragonenergy.com or the Company's filed documents at www.sedar.com.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the development of the Al Baraka field and exploration of the Kom Ombo Concession and events or projections referenced or implied herein should be viewed as forward-looking statements.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and production development; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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