VOL. XL

No. 27

7-July-1997

EGYPT

Seagull Signs Development Lease For South Hurghada Discoveries

Seagull Energy Corporation announced in Houston on 30 June that it has signed adevelopment lease with the Egyptian General Petroleum Corporation (EGPC) to exploit theWadi al-Sahl oil discoveries in its 100% owned South Hurghada permit on the Egyptianmainland opposite the southern end of the Gulf of Suez. Seagull purchased the 63,000-acre(255-sq. km.) South Hurghada permit and the nearby offshore...