Sea Dragon Energy Inc. 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.

Tags: Sea Dragon Energy Inc.