Dover Petroleum finalizes East Wadi Araba concession agreement
Canada's Dover Petroleum Corporation President Robert Salna participated on July 18, 2002 in an official signing ceremony with Egyptian Oil Minister Sameh Fahmy in connection with the concession agreement for petroleum exploration and exploitation throughout the East Wadi Araba area of the gulf of Suez.
The concession agreement covers an area of 393 square kilometers. Dover Investments Limited is not affiliated with Dover Petroleum and is, currently, a party to the concession agreement with the Arab Republic of Egypt and the Egyptian General Petroleum Corporation.
Dover Petroleum's wholly owned subsidiary, Dover Petroleum Egypt I, Inc., owns a 50 percent interest in Dover Egypt I joint venture, which is a party to an option agreement entitling Dover Egypt I joint venture to acquire 100 percent of Dover Investments Limited operator's interest in the East Wadi Araba concession agreement.
Under the option agreement, and as required by the concession agreement, Dover Egypt I joint venture has budgeted spending of $12 million for drilling of six proposed exploration wells over the next seven years. Drilling of the first of two exploration wells, budgeted at a cost of $3.7 million is expected to start on September 15, 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)