Welcome To The Sea Dragon Energy HUB On AGORACOM

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Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

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Sea Dragon buys NPC Egypt - January 2012

posted on Feb 10, 2012 09:04AM

Sea Dragon acquires National Petroleum Egypt for $130M

By Aayushi Sinha on January 12, 2012 in Announced Deals

Sea Dragon Energy has signed an agreement with Golden Crescent Investments Ltd to acquire 100% of National Petroleum Company Egypt Ltd (NPC Egypt) for $147.5 million, of which $60 million payable in cash and the remaining $87.5 million in shares. NPC Egypt’s working capital as at 30-Sep-2011 was $17.88 million. The net deal value including cash payment, stock and working capital surplus is $129.62 million. In addition, Sea Dragon has agreed to grant to Golden Crescent 20% after payout net profits interest from production attributable to the Muzhil field (located in the SAZ concession) and 17.5% after payout net profits interest from production attributable to the balance of the SAZ concession.

Asset highlights:

100% interest in South Abu Zenima (SAZ) concession: 91.3 MMbbl of prospective resources. Includes the Muzhil field (production expected to start in Q1-2013 at 6.2 Mbbl/d) and SAZ-2 prospect;
100% interest in Shukheir Marine concession: 0.66 Mbbl/d of production from the Shukheir Bay (0.6 Mbbl/d) and Gamma fields (0.06 Mbbl/d);
100% interest in North El Magahara concession: 16.6 MMBOE of prospective resources;
100% interest in East Kheir concession awaiting government approval;
12.75% non-operated interest in the South Ramadan concession;
Approximately 9.4 MMbbl of Proved plus Probable Reserves.

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