CALGARY, April 22, 2013 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE: SDX) is pleased to announce the following update concerning its activities in Egypt.
The company has been awarded the South Disouq concession as a result of its successful bid in the most recent EGAS bid round. The South Disouq concession is on trend with the prolific Abu Madi accumulations to the north which contain both the giant Abu Madi gas field, with over 3TCF of original gas in place, and the offshore Mediterranean Baltim fields. This block is also in the same area of the Nile Delta where management had its previous success discovering the large El Wastani field with over 500BCF of original gas in place.
The concession's areal extent is large at 1275 square kilometers and is estimated to have a resource potential in excess of 1.5TCF of rich gas based upon internal technical work. It is located approximately 65 km north of Cairo and thus far it has been lightly explored. Once the awarded concession is approved by government, Sea Dragon intends to acquire some 300 square kilometers of 3D seismic followed by the drilling of at least one exploratory well.
Sea Dragon is the sole owner and operator of the South Disouq Concession.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the 2012 drilling and capital expenditure programs of the NW Gemsa and Kom Ombo Concessions and the results referenced or implied herein should be viewed as forward-looking statements.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". All reserves information contained herein as well as the net present value of such reserves should be considered as forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and development and political, social and other risks inherent in carrying on business in Egypt. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Although Sea Dragon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. See Sea Dragon's Annual Information Form for the year ended December 31, 2011 for a description of the risks and uncertainties associated with the Company's business, including its exploration activities. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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SOURCE: Sea Dragon Energy Inc.
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