Vox Markets Logo

SDX Energy hooks up additional well in Egypt

09:53, 18th September 2019
Abraham Darwyne
Company News
TwitterFacebookLinkedIn

SDX Energy (SDX) FOLLOW, the North African focused oil and gas producer, told investors on Wednesday that it encountered a commercial oil accumulation at its MSD-19 development well in Egypt.

The company connected the well to central processing facilities at Meseda and brought it online at an average stabilized rate of approxumately 315 barrels per day (gross).

The well is located within the company’s West Gharib Concession, where it is a joint operator with a 50% working interest.

Shares in SDX Energy ticked up 1.14% following the news

SDX price chart

Mark Reid, CFO and Interim CEO of SDX, commented: "We are pleased to announce a further drilling success with our MSD-19 well in the West Gharib Concession, which follows the positive result in the Rabul-7 well in June.”

The well was drilled to a total depth of 4665 feet and encountered approximately 135 feet of net heavy oil pay across the Asl Formation, with an average porosity of 24%.

Mr. Reid added that the well was brought online “in a timely and cost efficient manner” and said it provides further support to the company’s 2019 production guidance for the asset of gross 4,000-4,200 barrels per day.

Mr. Reid continued: “Further development wells are planned for the Concession in the next 18 months, with the final location of these wells being dependent on government approvals. A further update on future drilling will be provided to the market in due course."

Follow News & Updates from SDX Energy here: FOLLOW

TwitterFacebookLinkedIn

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist