East Zeit Bay (in which Dragon Oil will have a 100% interest) is located offshore in the prolific southern Gulf of Suez region. The block covers an area of 93 km2 and lies in shallow waters ranging in depth from 10 to 40 metres.
Dragon Oil participated in the Ganope International 2012 Bid Round #1, which included 20 exploration blocks in the Western Desert, Eastern Desert, Red Sea and the Gulf of Suez. In November 2013, Dragon Oil's offer for East Zeit bay in the Gulf of Suez, Egypt, was initially accepted by Ganoub El Wadi Holding Petroleum Company (Ganope), one of the main entities of the Petroleum Ministry responsible for all exploration and production activities in the southern part of Egypt. The contract was signed on 19 May 2014. We have hired a country manager and are working on setting up an office in Cairo and starting the work programme as per the Production Sharing Agreement
East Zeit Bay (in which Dragon Oil will have a 100% interest) is located offshore in the prolific southern Gulf of Suez region. The block covers an area of 93 km2 and lies in shallow waters ranging in depth from 10 to 40 metres. A number of producing oil fields are adjacent to or near Block 19, namely East Zeit, Hilal, Ashrafi, SW Ashrafi and Zeit Bay fields.
Dragon Oil is conducting a tendering process to select a contractor to perform 3D seismic acquisition over an area of approximately 100km2 in East Zeit Bay, offshore the Gulf of Suez, Egypt. In parallel, Dragon Oil is evaluating bids to select a contractor to re-process the exiting 2D seismic data and in the future to process the 3D seismic data to be acquired. Dragon Oil is working closely with the authorities seeking required permits and approvals.