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SDX Energy kicks off exploration well in Egypt

Monday, March 20, 2017 1:01
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SDX Energy Inc (LON:SDX) told investors it has now started drilling the potentially high impact SD-1X well on the South Disouq concession, in the Nile Delta area of Egypt.

The SD-1X well is targeting both oil and gas reservoirs – gas in the upper Abu Madi section, and oil is targeted in the lower AEB & Abu Roash sections. Drilling will take between 30 and 45 days.

“We are extremely pleased to announce the start of this drilling campaign, as well as the extension to the exploration period,” said Paul Welch, SDX chief executive.

“This is one of several activities, across the expanded SDX portfolio, that has the potential to further increase our reserve base and ultimately add to our high margin production base. 

“We look forward to providing updates over the course of the campaign.”

As drilling begins, SDX also confirms that it has receive a six month extension to the South Disouq concession, allowing it until mid-September to evaluate the well results prior to making a decision to commit to the next exploration phase.

The SD-1X well’s first target is the shallower gas prospect. This is seen to be a continuation of the discoveries in the Abu Madi-Baltim trend and importantly it is substantially de-risked given the correlation to the seismic interpretation and nearby well successes.

The deeper oil prospects, similar to prolific oil reservoirs found in the western desert region, are untested in this northern part of Egypt.

Gas infrastructure is only a few kilometres away from the well location, and as such a new discovery could potentially be turned around quickly into initial production.

Story by ProactiveInvestors


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