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Update 3-2-15 http://www.seadragonenergy.com/~/media/Files/S/Seadragon-Corp/press-release/SDX Market Update and Outlook March 2015.pdf Commenting, Paul Welch, CEO of Sea Dragon, said: “The past few months has seen a significant review of Sea Dragon’s activities, with continued focus on improving the efficiency of the business in the current oil price environment. Given the challenges the E&P sector is facing, relinquishing Shukheir Marine, which was a high operating cost block, was a positive strategic decision in reducing our cost base and improving further our operating cash flow generation. We are now well placed to drive the 2015 work program, particularly following the completion of the South Disouq farm out. Through the reduction of both debt and operating costs, against the backdrop of improved business environment in Egypt we are well placed to unlock the potential across the portfolio. I look forward to providing an update following publication of the 2014 Full Year Results by the end of March 2015.” |
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