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Tuesday, 02 December, 2008, 03:50 GMT | more >>

Mogul tames Sea Dragon



By Upstream staff 

Seattle minnow Mogul Energy is to merge with Canada’s Sea Dragon, taking a majority stake in Canadian outfit’s East Wadi Araba concession in Egypt.

Mogul said today it had signed a letter of intent to increase its interest in the project from 20% to 60%.

Under the merger plan, Sea Dragon shareholders will receive one Mogul share for every Sea Dragon unit held. Sea Dragon president David Thompson will also join Mogul Energy as its chief executive.

Sea Dragon president Naeem Tyab will become president and a director of the merged group.

Sea Dragon is currently drilling its first exploration well on the East Wadi Araba concession.

Mogul said the letterof intent remained non-binding until definitive merger documents were drawn up and closing conditions were met.

Mogul also holds interests in the Gulf of Suez and Saskatchewan, Canada.


Tuesday, 31 July, 2007, 17:04 GMT  | last updated: Tuesday, 31 July, 2007, 17:04 GMT

Egyptian pair: Mogul Energy and Sea Dragon Energy are to team up to explore East Wadi Araba
 

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