Sea Dragon Energy raises over $35 million in IPO

Sea Dragon's well production at NW Gemsa Concession hits 9,600 bopd.

The NW Gemsa concession is located onshore on the west side of the Gulf of Suez, approximately 300 km southeast of Cairo.
The NW Gemsa concession is located onshore on the west side of the Gulf of Suez, approximately 300 km southeast of Cairo.

Sea Dragon Energy has completed the Al Amir SE-14 ST2 well in the Rahmi sands and tested at 3,486 bopd.

The well is now on production at 1,333 bopd resulting in total gross oil production from the NW Gemsa Concession increasing to 9,600 bopd and 11,420 boepd including solution gas and natural gas liquids.

The NW Gemsa concession is located onshore on the west side of the Gulf of Suez, approximately 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. Sea Dragon has a 10% working interest in the NW Gemsa Concession with Vegas at 50%, as operator and Circle Oil PLC with 40%.

Current production from the Al Amir SE and Geyad fields is approximately 9,600 bopd gross (960 bopd net). Total production, including solution gas and natural gas liquids, is approximately 11,420 boepd gross (1,142 boepd net).

The concession has eight current oil producers at Al Amir SE field, two at Al Ola and five at Geyad. Cumulative production from the NW Gemsa Concession has now exceeded 10.6 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 bwpd. Cumulative injection to date is 6.9 million barrels at Al Amir SE and 1.7 million barrels at Geyad.

Al Amir SE-14 ST2 Well: This development well has now been completed in the Rahmi sands and placed on production at 1,333bopd using a 28/64” choke. The well was spud on November 26th and is located in the southern part of the Al Amir SE field, 738 meters NW of the AASE-12 ST surface location.

The well objective was to appraise the Shagar and Rahmi sands for production. The AASE-14ST2 well was successfully drilled to a total depth of 10,000 feet and encountered 16 feet of net pay in the Kareem Shagar sand and 13 feet of net pay in the Kareem Rahmi sand.

The Rahmi sand was perforated in the interval 9680-9695 ft MD and flowed at 3,486 bopd and 3.18 mmscfpd of gas at 764 psi WHFP, on a 48/64” choke.

 

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Oil & Gas Middle East - September 2020

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