Sea Dragon delivered record production and positive cash flow, a solid payment record and collections from local authorities. We also focused on capital preservation by reducing discretionary spending and focused on operating cost reductions across the portfolio of assets.
It has been a year of consolidation for the Company and one in which we have continued to make progress in many areas of the business. The business platform operated at a reduced cost base and continues to adapt rapidly to the oil price drop and volatility in the last quarter.
In our North West Gemsa (NWG) concession, we reached peak production in the 2nd quarter of 2014 at 13 MBopd and 12 MMscfd when the first phase of development was completed. This allowed the partners to release both the drilling and work-over rigs and generate significant cash flow from the asset. NWG has subsequently settled into a plateau rate of approximately 9,000 Bopd and 10 MMscfd, which is the average rate that will be maintained for 2015. This is due to a modest work program of 3 infill producing wells in the 2nd half of the year. These wells will target additional production potential in the central part of the field, located in bypassed fault blocks.
In our South Disouq concession, we successfully farmed out 45% of our equity in return for a well carry and a promote on the signature bonus. We also tendered for a 3D seismic program, the results of which are currently being evaluated. The work program in South Disouq is still being determined. Our intent to acquire the 3D seismic in 2015 and drill an exploration well shortly thereafter remains under discussion with our partner and until we have agreement it will remain a contingent activity.
In our South Ramadan concession, we completed our farm-in activities. We also acquired and organized the remainder of our technical data set and identified a prospective area that was covered with several vintages of 3D seismic that needed to be reprocessed. The work program for 2015 is to complete the seismic reprocessing, update the prospectivity of the area and then high grade the identified opportunities to drillable locations for a 2016 program.
In our Shukheir Marine concession, we completed our commercial evaluation and determined that in the current price environment it was no longer an attractive asset. The Shukheir Marine concession required high levels of fixed expenditures to maintain its aging offshore platform and infrastructure. The remaining prospectivity, that had been identified, was not sufficiently attractive to warrant further investment. As a result, the 10-year extension request was rescinded and the concession relinquished as at end January 2015.
The Company will continue to benefit from stable production as it deals with lower oil prices and cash flow in 2015. Adapting to the changing oil price environment has been and will continue to be challenging. However, given Egypt’s improved business climate, its low operating costs and its significant business upside, we believe it’s one of the best places to be operating in this environment.