VOL. XLV

No 30

29-July-2002

EGYPT

Dover Petroleum To Spend $12Mn,Drill 12 Wells In Gulf Of Suez Acreage

Canada痴 DoverPetroleum signed an oil exploration and development agreement with Egypt on 18July for the 393 sq km East Wadi Araba(EWA) concession in the Gulf of Suez. Theagreement requires Dover to spend$4mn and drill two wells during the first exploration period. Dover announcedin late June that it had completed a private placement worth $6mn to financeworking capital requirements and the...