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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
SOURCE: Sea Dragon Energy Inc.
