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Sea Dragon Energy Egypt operational update

Monday, Dec 03, 2012

CALGARY, Nov. 30, 2012 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE: SDX) is pleased to announce the following operational update for its recent work program in Egypt.

NW GEMSA CONCESSION

The NW Gemsa concession is located onshore on the west side of the Gulf of Suez, some 300 km southeast of Cairo. Two main oil fields are producing light oil, the Al Amir SE field along with the Al Ola extension to the south and the Geyad field to the north.

Current production from the Al Amir SE and Geyad fields is approximately 9,555 bopd gross (955 bopd net to Sea Dragon).  Currently producing wells include eight at Al Amir SE field, two at Al Ola and four at Geyad. Cumulative production from the NW Gemsa Concession has now exceeded 9.82 million barrels of 42 degree API Crude oil.

Water injection is ongoing with three injectors currently operating at Al Amir SE Field and one injector at Geyad Field. Current total injection rates are approximately 18,000 barrels per day.  Cumulative injection to date is 5.87 million barrels at Al Amir SE and 1.21 million barrels at Geyad.

Sea Dragon has a 10% working interest in the NW Gemsa Concession with Vegas at 50%, as operator and Circle Oil PLC with 40%.

Al Amir SE-13 Well:

This well reached total drilling depth on November 7 at 10,350 feet.  Log
analysis indicates 20 feet of Shagar net pay with 12% porosity and low water saturation.  The Shagar zone was perforated from 9,895-9,908 feet.  Initial testing resulted in an oil rate of 1,280 bbl/d on 26/64" choke.  The well began production on November 25 and is currently producing 743 bopd on a 22/64" choke setting.

Al Amir SE-14 Well:

This development well was spud on November 26with the objective of appraising the Shagar and Rahmi reservoirs between the Al Ola-1x and AASE-12ST wells.

Planned total depth is 9,950 ft.  The well is currently drilling at 1,780 ft.

Al Ola-3 Completion:

This water injection well was dually completed in the Rahmi and Shagar sands. The well was perforated in the intervals: 10,232-10,252 feet and 10,164-10,182 feet. A final completion string was successfully run.  Water injection will commence after start up of the associated water source wells.

Al Amir SE-7 Injector Work Over:

This well was successfully recompleted as a dual zone injector in the Rahmi and Shagar intervals.  Injection resumed on November 4.  Current injection rates are approximately 1,200 bwpd in the Rahmi and 2,300 bwpd in the Shagar.

Geyad-1 Work Over:

In October 2012 this oil producer was re-completed in both the Rahmi and Shagar sands. Both intervals were re-perforated and a new completion string was run to allow commingled production. Cumulative oil production to date from the well is 764,000 bbl.  This well is producing intermittently.  Downhole plugging through sand fill is under investigation.

SOURCE Sea Dragon Energy Inc.

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