Mogul agrees EWA exit plan
Seattle-based minnow Mogul Energy said it had agreed with its partners in the
East Wadi Araba (EWA) Concession in Egypt’s Gulf of Suez to sell its stake
in the development as part of deal to cover outstanding liabilities from a
drilling programme on the project.
Mogul said the deal also involved a cash payment of $100,000 and 4 million
shares in Sea Dragon Energy, one of Mogul’s partners at EWA.
Other partners in the project are Egypt Oil and Dover Investments.
Mogul cancelled plans to merge with Sea Dragon in November last year.
30 April 2008 01:34 GMT
| last updated:
30 April 2008 01:34 GMT
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