Sea Dragon Energy acquires National Petroleum Co Egypt

11 January 2012: Egypt-based private equity firm Citadel Capital has agreed to sell National Petroleum Co Egypt (NPC Egypt) to Canadian-listed company Sea Dragon Energy Inc. in a cash and stock deal valued at $147.5m. Sea Dragon, an exploration and development company, will pay $60m in cash and issue 350 million shares to the Citadel fund which owns NPC Egypt, Golden Crescent Investments, at 25 cents per share, Citadel said. Sea Dragon is currently engaged in the exploration and development of two concessions in Egypt.

Source: Ameinfo