28th Nov 2013 15:53
LONDON (Alliance News) - Dragon Oil PLC Thursday said its offer for block 19 in the Gulf of Suez has been initially accepted.
The gas and oil exploration, development and production company with operations in Turkmenistan said that the acceptance by Ganoub El Wadi Holding Petroleum Co, will be final after the approval by the governmental authorities.
Dragon Oil said that this process of final government approvals, set after Dragon Oil participated in the Ganope International 2012 Bid Round #1 for the space, will result in an official decree awarding Dragon Oil the block.
The company said that the Block 19 East Zeit Bay is located offshore in the prolific southern Gulf of Suez region and covers an area of 93 kilometres squared. Dragon Oil plans to do seismic acquisition and analysis over an area of approximately 100 kilometre squared and drill two wells during the initial exploration period.
Dragon Oil shares were trading flat at 561.50 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
DGO.L