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Quadra Announces Signing of Major Concession in Egypt

Source: www.oilegypt.com 7/20/2004, Location: Africa

CALGARY, ALBERTA - Quadra Resources Corp. (Quadra) is pleased to announce that on July 17, 2004, its subsidiary, Quadra Egypt Limited (QEL) finalized and executed the Nuqra Area Block #1 Petroleum Exploration and Exploitation Concession (the "Nuqra Concession") with Ganoub el Wadi Petroleum Company (Ganoub), a national oil company of the Republic of Egypt.

The lands in the Nuqra Concession are located in southeastern Egypt near the city of Luxor on the east bank of the Nile River and are situated in the heart of the Komombo Basin. The Komombo Basin is a rift basin analogous to the Gulf of Suez Basin in Egypt and the Muglad Basin in Sudan, both of which have major proven oil reserves. The Nuqra Concession encompasses 7,500,000 acres (approximately 30,000 square kms) of contiguous land with over 4,000 kms of recent vintage 2D seismic. QEL has identified 13 seismically defined exploratory leads from existing technical data. Well data from the Nuqra Concession confirms the existence of Cretaceous and Jurassic sandstone formations which may hold the potential for discovery of significant accumulations of oil reserves.

The Nuqra Concession's fiscal terms provide for QEL to obtain recovery of costs from 40% of production from the first 25,000 barrels of production per day and after payout of costs, QEL is entitled to 18% of profit from the sale of hydrocarbons. The work commitments with respect to the Nuqra Concession are separated into three stages. Stage 1 requires QEL to expend a minimum of $2.0 million (US) within the next 2 years reprocessing existing seismic data and acquiring new seismic to further define drilling locations. Upon completion of Stage 1, QEL may either give up the Nuqra Concession or elect to carry out Stage 2 by surrendering 25% of the Nuqra Concession lands and expending a minimum of $4.0 million (US) within the next 3 year period which should be sufficient to undertake the drilling of at least 2 wells.

Subsequent to completion of Stage 2 and analyzing the results, QEL has the further option of giving up the Nuqra Concession or electing to carry out Stage 3 by surrendering a further 25% of the original Nuqra Concession acreage and thereafter expending a minimum of $5.0 million (US) within the next 3 years which will cover the drilling of a minimum of two wells. Exploitation of discovered commercial fields will continue under Development Leases for a further period of 20 years.

Under the terms of the Nuqra Concession Agreement, QEL can expedite or increase its activities at its option and therefore elect to complete Stage 1, Stage 2 or Stage 3 earlier than the time limits described above.

Michael Nugent, President of Quadra, stated "this project marks Quadra's entry into the Middle East, an area with vast, world-class potential for aggressive, exploration-minded companies such as Quadra. Quadra's success in acquiring this concession comes as a result of several years of prospect work undertaken in the area and represents an enormous opportunity for Quadra to establish itself in the region".


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