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 at its Rabul 4 Well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator).
The well was drilled to a total depth of 5,250 feet and encountered approximately 43 feet of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 16%. Further evaluation of the discovery is ongoing, after which the Company expects the well to be completed as a producer and connected to the central processing facilities at Meseda.
Following completion of the Rabul 4 well the Company will move on to the Meseda field, where it will drill two development wells.
Paul Welch, President and CEO of SDX, commented: "We are pleased with the result at Rabul 4, which completes the initial development of the structure that we discovered in October of 2017. The four successful wells drilled to date in the Rabul structure will contribute significantly to our production volumes in 2018. The Rabul 5 well was recently put on production, using an ESP completion, and came on at just over 2,000 barrels of oil per day from the Bakr sand. The development activity in the Rabul area has been both rapid and successful for SDX and our partners and we are now looking forward to drilling the two development locations in Meseda which we believe will also be significant contributors to our production growth in 2018. The fluid treating capacity in Meseda was expanded last year and is now ready to handle the increased volumes developed by both our recent drilling and our ongoing activities in the concession. I look forward to updating our shareholders on the results of these efforts in due course.”