5 October 2017
Egypt SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made by the Rabul 2 Well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator).
The well encountered approximately 101.5 feet of net heavy oil pay across the Yusr and Bakr sand formations, with an average porosity of 20%. Evaluation is ongoing, after which the Company expects that the well will be completed as a producer in the Bakr and connected to the central processing facilities at Meseda.
The Rabul 2 well is the last of the commitment wells in the West Gharib concession and was drilled as an offset to the first commitment well Rabul 1, which was drilled in July 2017. Rabul 1 encountered 14.5 feet of net heavy oil pay with an average porosity of 21.2% in the Yusr sands and was subsequently completed as an oil producer in the Yusr sands.
Paul Welch, President and CEO of SDX, commented:
"This was our final commitment well in the West Gharib concession and we are encouraged by the result, which reaffirms our view of the area’s significant development potential. The well came in ahead of expectations, based upon the results of the offset Rabul 1 location. The ultimate potential in this new Bakr structure is currently under review and will be better understood once the well is completed and tested.
“Today’s news is also further evidence of the high activity levels right across the SDX portfolio including the filing of the fast track development plan in South Disouq Egypt. I look forward to providing further updates shortly on that filing, our development drilling campaign currently underway in Morocco and the production results at our Rabul 2 discovery.”
About SDX
SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a working interest in two producing assets (50% North West Gemsa & 50% Meseda) located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in the Sebou concession situated in the Rharb Basin. These producing assets are characterised by exceptionally low operating costs making them particularly resilient in a low oil price environment. SDX’s portfolio also includes high impact exploration opportunities in both Egypt and Morocco.
About SDX
SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a working interest in two producing assets (50% North West Gemsa & 50% Meseda) located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in the Sebou concession situated in the Rharb Basin. These producing assets are characterised by exceptionally low operating costs making them particularly resilient in a low oil price environment. SDX’s portfolio also includes high impact exploration opportunities in both Egypt and Morocco.
