Citadel Capital Opportunity-Specific Fund Signs Amended Share Purchase Agreement to Sell 100% of Upstream Oil and Gas 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 regarding revised terms of sale for the National Petroleum Company Egypt:

Further to Citadel Capital news releases dated 9 January 2012 and 11 March 2012, Golden Crescent Investments Ltd. (Golden Crescent), a Citadel Capital Opportunity-Specific Fund, has signed an amended 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.

The value of the closing consideration payable by Sea Dragon to Golden Crescent under the amended share purchase agreement remains unchanged at US$ 147.5 million.

As indicated in the execution of the amended share purchase agreement, Sea Dragon has until 8 May 2012 to complete the transaction (subject to a 10-day extension), while Golden Crescent has a non-exclusivity period in which to solicit and entertain alternative proposals lasting until 1 May 2012.

Citadel Capital, which has management control of Golden Crescent, notes that volatile local and international conditions could affect the conclusion of the transaction. This announcement does not constitute a promise to conclude the transaction, as Citadel Capital notes that Sea Dragon must obtain approvals and other clearances from its shareholders, lenders, and regulatory authorities.


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

Forward-Looking Statements
Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Citadel Capital. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Citadel Capital is subject to risks and uncertainties.

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

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