CALGARY, ALBERTA--(Marketwire - May 26, 2010) -
NOT FOR DISTRIBUTION TO U.S NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Sea Dragon Energy Inc. ("Sea Dragon") (TSX VENTURE:SDX) is pleased to provide the following Operational Update on its Drilling Campaign in Egypt.
Kom Ombo Block 2:
The Al Baraka #6 appraisal well has now reached a depth of 4,375 ft in the Six Hills "E" Formation. In order to adequately evaluate and obtain reservoir characteristics an extensive coring operation was undertaken with two cores cut in the Abu Ballas formation and five in the Six Hills "F" formation. At the time of this release one core was cut in the Six Hills "E" reservoir. Oil Staining was encountered in the three cored reservoirs. Once the well has reached its proposed total depth of 5,200 ft, logging and testing operations will commence. Upon completing the Al Baraka #6 well the rig will move to Al Baraka #5 well located some 2 km to the northwest.
The Al Amir SE #6 well has now reached a depth of 13,900 ft in the Lower Rudeis Formation. The primary targets, the two oil bearing sands in the Kareem Formation were cored and logged. Petrophysical evaluation indicate 30 ft of pay in the Upper Shagar sand and 24 ft of pay in the lower Rahmi sand. While drilling in the Lower Rudeis Formation significant gas readings were encountered over a large section, requiring the operator to increase the mud weight to stop the well from flowing. Due to safety concerns, drilling operations were terminated before reaching the Nubia zone. The plan is to case the well and test all hydrocarbon zones. Significant hydrocarbon shows in the Lower Rudeis are indicative of the presence of a trap that could also contain the secondary target being the prolific Nubia sands. Testing the Nubia will now require engineering and drilling of a new well.
For further information please see the website of the Company at www.seadragon.ca or the Company's filed documents at www.sedar.com.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading Risk Factors and elsewhere in the Company's filings with Canadian securities regulators. Specifically that there is no assurance that any hydrocarbon reserves will be discovered nor is there any assurance that any hydrocarbons encountered will be in commercially recoverable quantities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and expect as may be required by applicable securities laws.
Sea Dragon is an international exploration and development company with a focus on the Middle East and an office in Cairo Egypt.The TSX.V Venture Exchange has neither approved nor disapproved of the information contained herein. The TSX.V Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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