Statement Regarding Sale of NPC Egypt

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa with US$ 9 billion in investments under control, issued today the following statement regarding the sale of the National Petroleum Company

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa with US$ 9 billion in investments under control, issued today the following statement:

Golden Crescent Investments Ltd. (Golden Crescent), a Citadel Capital Opportunity-Specific Fund, signed on 6 January 2012 a share purchase agreement to sell 100% of its interest in National Petroleum Company Egypt Limited (NPC Egypt), a wholly owned Portfolio Company, to Sea Dragon Energy Inc. (Sea Dragon) (TSX-V: SDX), a Calgary-based exploration and development company.

Sea Dragon announced on 24 February 2012 that it is revisiting the terms of the share purchase agreement and intends to withdraw its preliminary short form prospectus (dated 6 January 2012) for a public offering of subscription receipts for CAD 75 million (US$ 75.2 million) contemplated originally to fund, among other things, the cash component of the consideration payable by Sea Dragon to complete the acquisition of NPC Egypt.

Sea Dragon cited “the uncertain global economic situation and continued volatility in the global capital markets” as underpinning its decision to withdraw its preliminary short form prospectus.

Both Sea Dragon and Golden Crescent are now engaged in discussions aimed at revising the terms of the acquisition of NPC Egypt by Sea Dragon. Successful completion of these discussions would result in amendments to the share purchase agreement to reflect the revised terms of the acquisition.

For further information, please see the press release issued 9 January 2012 by Citadel Capital.

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Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs control Platform Companies with investments of US$ 9.0 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2006-2011, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.

For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)

g...@qalaaholdings.com (click to reveal this email)

Tel: +20 2 2791-4440 
Fax: +20 22 791-4448
Mobile: +20 10 6662-0002