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Dover Petroleum to Abandon EWA-4X Well in Egypt

09-20-2007

Dover has informed Sea Dragon that the EWA-4X well in the Gulf of Suez, Egypt, has reached a total depth of 5,250 feet and has entered the basement formation which in this area is an igneous granite rock formation.

The highly deviated onshore well has achieved all of its objectives, having successfully penetrated in an offshore position, a major sequence of Carboniferous Nubia formation with several potential sandstone reservoirs.

Unfortunately none of these potential reservoirs provided indications of economic hydrocarbon accumulations, thus no testing is planned and the well is currently being electric wire-line logged and prepared for final plugging and abandonment.

Even though the well tested a clearly mapped closed structure which lies up-dip and less than 3 kms from the prolific Warda Oilfield, it now seems clear that the major bounding fault lying between them is tight and has not provided a conduit for oil migration into the EWA-4X structure.