North Africa-focused oil and gas company Sea Dragon has acquired a 12.75% interest in the South Ramadan licence offshore Egypt.
The 26.2 square kilometre concession in the Gulf of Suez contains two productive reservoirs linked to an existing platform which have to date produced 3.75million barrels of light oil.
As part of the $23million (£13.8million) acquisition deal Sea Dragon is bound to drill one new well and perform facility upgrades at the licence.
“Securing an interest in this concession underpins our focus on developing reserves and expanding production within the Gulf of Suez Fairway that we have been developing over the last year,” said Paul Welch, Sea Dragon’s chief executive.
Pico International Petroleum is the licence operator with a 37.5% interest, with Gaither Petroleum Corporation (GPC) holding the remaining 50%.