Dover Petroleum reported positive preliminary results in connection with its offshore drilling in the southwestern portion of the Gulf of Suez. Initial electric logging over the interval 427 through 1,219 meters has indicated two promising oil zones.
Drilling of the EWA-2X target well has reached 1,584 meters in total depth which is interpreted to be the basement. The upper zone with a top at a depth of 521 meters occurs in fractured dolomites of the Middle Miocene Kareem Formation and is some 23.5 meters in thickness.
Dover announced that it has agreed to extend the exercise termination date from December 20 to January 20, 2003 for certain warrants issued by the Company, which warrants, if exercised, would permit the holders thereof to acquire 13 million shares of the company's common stock at a price of $.80 per share. Any shares issued upon exercise of the warrants will be restricted securities.
Under the East Wadi Araba Concession Agreement, Dover Petroleum’s wholly owned subsidiary, Dover Petroleum Egypt I participates by virtue of its 56.25 percent interest in Dover Egypt I Joint Venture, which is a party to an option agreement entitling the subsidiary to acquire 100 percent of Dover Investments Limited operator's interest in the East Wadi Araba concession agreement. — (menareport.com)
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