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Share Name | Share Symbol | Market | Type |
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Sdx Energy | TSXV:SDX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.37 | 0.33 | 0.37 | 0 | 01:00:00 |
CALGARY, Nov. 27, 2012 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSXV: SDX) is pleased to announce its 2012 third quarter financial and operating results (the "Quarter"). All dollar values are expressed in United States dollars unless otherwise stated.
Highlights:
FINANCIAL & OPERATING HIGHLIGHTS
The following table provides a summary of Sea Dragon's financial and operating results for the three and nine months ended September 30, 2012 and 2011 and the three months ended June 30, 2012. Consolidated financial statements with Management's Discussion and Analysis ("MD&A") are now available on the Company's website at www.seadragonenergy.com and on SEDAR at www.sedar.com.
Fiscal Year | Prior Quarter (1) | Three months ended September 30 | Nine months ended September 30 | |||
2012 | 2011 | 2012 | 2011 | |||
Financial $000's | ||||||
Cash, end of period | 7,179 | 5,405 | 7,051 | 5,405 | 7,051 | |
Working capital | 7,197 | 6,194 | 14,290 | 6,194 | 14,290 | |
Funds from operations | (213) | 965 | 2,158 | 1,149 | 5,116 | |
per share | (0.00) | (0.00) | (0.00) | 0.00 | 0.01 | |
Net Income/(Loss) | (1,377) | (19,498) | 1,143 | (21,661) | 1,552 | |
per share | (0.00) | (0.05) | (0.00) | (0.06) | 0.00 | |
Capital expenditures | 3,140 | 2,445 | 1,592 | 7,755 | 6,132 | |
Total assets | 78,604 | 54,885 | 88,310 | 54,885 | 88,310 | |
Shareholders' equity | 67,061 | 47,641 | 83,082 | 47,641 | 83,082 | |
Common shares outstanding (000's) | 376,459 | 376,459 | 376,459 | 376,459 | 376,459 | |
Warrants outstanding (000's) | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
Operational | ||||||
Oil sales (bbl/d) | 1,147 | 1,149 | 1,066 | 1,105 | 1,112 | |
Brent oil price ($/bbl) | 108.44 | 109.28 | 113.35 | 112.03 | 111.92 | |
Realized oil price ($/bbl) | 103.90 | 105.33 | 108.44 | 107.83 | 106.63 | |
Royalties ($/bbl) | 56.29 | 55.96 | 56.13 | 57.17 | 54.98 | |
Operating costs ($/bbl) | 8.36 | 9.13 | (1.62) | 10.25 | 6.28 | |
Netback ($/bbl) | 39.25 | 40.24 | 53.93 | 40.41 | 45.37 |
(1) Denotes the three months June 30, 2012.
Operations:
NORTH WEST GEMSA CONCESSION
The NW Gemsa block is located in the Eastern Desert on the southwest
part of the Gulf of Suez and comprises 4 fields: the Al Amir field
(undeveloped heavy oil field), the Al Amir SE field, the Geyad field
and the Al Ola field. Current production from the concession is
running steady at around 8900 bopd gross of light crude oil (42 API)
(890 bopd net to the Company). Cumulative oil production is 9.74 MMbbl
gross (8.12 MMbbl from Al Amir/Al Ola and 1.62 MMbbl from Geyad). Sea
Dragon has a 10% working interest in the Concession.
NW Gemsa is producing from the Shagar and Rahmi sands of the Kareem Formation. Potential for additional oil has also been demonstrated in the Belayim, South Gharib, and Lower Rudeis Formations.
Al Amir SE and Al Ola Fields
Currently, 9 producers and 3 injectors are operating at Al Amir SE and
Al Ola Fields. Water is being injected in Al Amir SE-7, Al Amir SE-8
and Al Amir SE-10 injectors at a rate of over 13,000 bwpd.
Al Ola-3 Well:
This injection well, located in the Al Ola development lease, was spud
on July 16, 2012. The objective of the well is to provide injection
support to the Kareem sands in the Al Ola area. The Shagar and Rahmi
sands were cored and the well was successfully drilled to a total depth
of 10,550 ft.
In November, this water injection well was dually completed in the Rahmi and Shagar sands. The well was perforated in the intervals: 10,232-10,252 feet and 10,164-10,182 feet and a final completion string was run. Water injection is expected to commence shortly.
Al Amir SE-13 Well:
This development well was spud on October 14, 2012 with the objective of
appraising the northern area of the field and successfully reached its
total depth of 10,350 feet on November 7, 2012. Log data indicated 20
feet of Shagar net pay with 12% porosity and low water saturation. This
well was completed in the Shagar sands and placed on test at a rate of
800bopd gross.
Al Amir SE-7 Injector Work Over:
In October, operations were successfully conducted to recomplete this
well as a dual zone water injector (Shagar and Rahmi zones). The
objective of the workover was to increase water injection into the
Rahmi zone, where additional volumes are needed to maintain reservoir
pressure, optimize production and maximize oil recovery. This well is
operating again and current injection rates are 1380 bwpd in the Rahmi
and 2480 bwpd in the Shagar.
Geyad Field
Three wells currently produce from the Geyad field. Water injection
capability exists at Geyad-5 in both Shagar and Rahmi zones.
Geyad-6ST Well:
This development well was spud on September 10, 2012 with the objective
of appraising the Kareem Shagar and Rahmi sands. The well was drilled
to a total depth of 6,200 feet, however, it was subsequently
sidetracked as the Shagar sands were found to be water bearing. The
sidetrack was successfully drilled to a final depth of 6,350 feet,
encountering seven feet of net pay in the Shagar sands.
In October, this well was completed in the interval 5,996 to 6,006 feet and tested at 1600bopd on a 24/64" choke size. This well is currently on production at 918 bopd with 18/64" choke.
Geyad-1x Well Work Over:
In October, this oil producer was re-completed in both the Rahmi and
Shagar sands. Both intervals were re-perforated and a new completion
string was run to allow commingled production. Cumulative oil
production to date from this well is 764,000 bbl.
Geyad-2ST Work Over:
Operations are ongoing at this well with the purpose of recompleting in
the Rahmi zone. This former Shagar producer experienced water problems
due to an underlying aquifer and was shut-in late 2011. The Rahmi will
be perforated in the interval 6,565-6,595 feet.
KOM OMBO CONCESSION
This concession is located onshore in the southern part of Egypt some
1,000 km south of Cairo. It contains the Al Baraka oilfield, producing
light oil from multiple reservoirs and an exploration area of 11,400
km². Sea Dragon has a 50% working interest in the Concession.
Production from the Al Baraka field is averaging approximately 520 bopd (260 bopd net to Sea Dragon).
Faris-1 Well
This second exploration commitment well, located 4.5 km south of Al
Baraka oilfield was spud on June 26, 2012 and drilled to a total depth
of 6,785 ft. The primary objective was to test the Kom Ombo Sands. The
well encountered oil shows in both the Kom Ombo "C" and "A" sands,
however it failed to produce oil on test and was subsequently plugged
and abandoned.
Al Baraka 17 Well (AB-17)
The AB-17 well was successfully drilled to a total depth of 7,527 m in
the Basement and logged. Oil shows were encountered in the Six Hills
D, Kom Ombo "C" and "A" sands. Petrophysical analysis indicated the
intervals are predominantly water bearing and the well was plugged and
abandoned.
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.
Copyright 2012 Canada NewsWire
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