Sea Dragon Energy has entered into an agreement with IPR Energy Resources to farm-out a 45% stake in the South Disouq Concession, located in the Nile Delta, Egypt. Under the agreement, IPR will carry the cost of the first phase commitment well, pay $1.9 million of the signature bonus, fund its proportionate share of the remaining work program and will have the option to operate the commitment well.
The concession comprises 1,275 sq km of acreage and is anticipated to contain significant gas potential. It is located within the Abu Madi-Baltim trend, which currently contains ten discoveries, containing 6.3 Tcf of gas and 100 MMbbl of liquids.
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http://www.1derrick.com/sea-dragon-farms-out-stake-in-south-disouq-permit-egypt/14882/