Egypt: IPR farms into South Disouq

Canada’s Sea Dragon Energy has farmed down a 45% stake in the gas-prospective South Disouq concession in the Nile Delta to US privately owned explorer IPR Energy Resources. Sea Dragon said that Dallas-based IPR had agreed to carry the cost of the first-phase commitment well subject to a cap as well as fund a share of the remaining work programme and pay $1.9m of signature bonus. In return, IPR will gain a 45% non-operatorship interest in the 1,275km2 permit, awarded to Sea Dragon Energy in April 2013 following a bid round organised by Egyptian Natural Gas Holding Company.