SDX Energy discovers further oil in Egpyt
, the North African focused oil and gas producer and explorer, made an oil discovery at its Rabul-7 development well in Egypt on Wednesday.
The well, located in the West Gharib Concession, was drilled to 5323 feet and encountered 134 feet of net heavy oil pay with an average porosity of 18%.
SDX Energy told investors it connected the well to the central processing facilities at Meseda and it stabilized it at a production rate of approximately 415 barrels per day.
The company has two interests in Egypt and one interest in Morocco with ongoing exploration in both countries.
Now that SDX Energy has added another producer to its list of oil producing assets, it is one step closer to achieving its target of a gross production of 4000-4200 barrels per day in 2019.
According to its quarterly report, it had production rates of 3715 barrels per day during quarter 1 of 2019 and has a drilling campaign in Morocco planned for the end of the year and the beginning of 2020.
Mark Reid, CFO and Interim CEO of SDX, commented: "We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib Concession and to achieve further drilling success in this area of the Concession.”
“The well was brought online in a timely and cost efficient manner and will provide further support to our FY 2019 production guidance for this asset of gross 4,000-4,200 bbl/d. Another development well is planned for the Concession in H2'19.”
He told investors that the final location of the well is dependent on government approvals and that the company will update the market in due course.
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