Dover Petroleum Corporation acquires Egyptian subsidiary
The Dover Petroleum Corporation recently concluded a voluntary share exchange transaction with Dover Petroleum Egypt and. As a result, Dover Egypt has become a wholly owned subsidiary of the company, stated a press release.
Dover Egypt owns a 50 percent interest in a joint venture that owns an option to acquire the interest of Dover Investments Limited in a certain Concession Agreement for Petroleum Exploration and Exploitation between Optionor, the Arab Republic of Egypt and the Egyptian General Petroleum Corporation.
The Concession Agreement relates to the exclusive concession for the exploitation of petroleum and natural gas in and throughout the East Wadi Araba Area of the Gulf of Suez. Under the Option Agreement, Dover Egypt intends to invest the four million dollars required under the Concession Agreement for the drilling of two exploration wells in the area. Seismic and oil migration studies undertaken by Dover Egypt Joint Venture indicate 14 promising seismic targets in the Area, with the potential for four to five commercial oil discoveries that could produce in the range of 500 million barrels of recoverable oil.
Dover Egypt Joint Venture has also completed a seabed survey of the first two drill targets that verified the founding strength of the sea floor, showing the integrity to support the stabilizing tripod of a drill rig. It is expected that drilling under the concession agreement will commence in May of this year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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