Project Profile

Value: Undisclosed
Location: Offshore in the Southern province of the Gulf of Suez
Area: 26 km2
Start-up Year: -

The South Ramadan field with an area of 26 km2. Sea Dragon is a 12.75% equity owner in the South Ramadan concession with Pico holding 37.5% and operatorship and GPC holding the remaining 50%. It is located in very prolific area in the central Gulf of Suez, Egypt as the giant Morgan oil field exists to the south east while it is bounded from northwest by Ramadan field and from the west with the onshore Ras Gharib field. The field dates back to late 1981 with the first well South Ramadan-1 drilled by Total that tested successfully the Pre-Miocene Lower Senonian sandstone reservoir in addition to the late Senonian and Eocene fractured carbonates. Later, several wells were drilled to assess the potential capabilities of the area led finally to start up the production in the mid 1985 with 38o API oil gravity.

South Ramadan Marine Development Lease is located offshore in the Southern province of the Gulf of Suez. It lies 15 km to the east-northeast of \"Ras Gharib City\" and about 15 km to the northeast of Ras Shukeir Field base. PICO purchased it’s interests in 1990 from FORUM EGYPT.

The latest block evaluation studies conducted by the GPC, GreyStone and PICO independently indicate significant hydrocarbon potentiality in Kareem, Nezzazat, and Nubia Sandstone Reservoirs. The field is considered to have an exploration potential with an estimated remaining reserves of 4 mmbbls.

Operators:

PICO Gemsa: Operator with 37.5% interest

Gaither Petroleum Corporation: 50% interest

SDX Energy: 12.75% equity interest