UPDATE: Sea Dragon Ramps Up Egypt Production, Reduces Aged Receivables to 2 Months; Shares Down 7%
Sea Dragon Energy Inc. (SDX.V) today announced an operational update for its recent work activities in Egypt.
The company's net production in Egypt averaged 1,526 bopd in January 2013 and has now reached 1,840 boepd (1,720 bopd and 120 boepd in gas and NGL's). In NW Gemsa, oil production is averaging 9,900 bopd gross (990 bopd net), while gas and NGL's are adding another 1,200 boepd gross (120 boepd net). In Kom Ombo, production is averaging 500 bopd gross (250 bopd net); while in Shukhier Marine the company is producing 480 bopd.
Over the past two months, Sea Dragon has also been able to collect a significant percentage of its aging receivables thus enabling it to reduce the receivables amount to $4.63MM and the age of its receivables to two months based on current production.
SDX was down nearly 7% to 7 cents, with 52-week range of $0.04 - $0.09.
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