Gas discovery at Ibn Yunus-1X well, Egypt - SDX ENERGY INC.

12 April 2018

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its Ibn Yunus-1X exploration well at South Disouq, Egypt (SDX 55% working interest and operator). 

The Ibn Yunus-1X well was drilled to a total depth of 9068 feet and encountered 100.8 feet of net conventional natural gas pay in the Abu Madi horizon, which had an average porosity in the pay section of 28.5%. The well came in on prognosis but with a reservoir section that was of better quality and thicker than pre-drill expectations. 

The well will be completed as a producer in the Abu Madi section and then tested after the drilling rig has moved off location. The testing is anticipated to commence between 30 and 45 days after the rig departs, depending on the availability of testing equipment. After a successful test, it is anticipated that the well will be connected to the infrastructure located adjacent to the original SDX discovery in the basin, SD-1X, where production start-up is anticipated in the second half of 2018. 

Egypt and Cyprus likely to build underwater pipeline to move gas between them - ENTERPRISE

Christodoulides (left), Shoukry (right) 

Thursday, 12 April 2018

It seems an underwater pipeline will be the way to move gas from Cyprus’ Aphrodite field to Egypt’s gas facilities, according to statements by Cypriot Foreign Minister Nicos Christodoulides. Nicosia and Cairo are considering the construction of an underwater pipeline for the transfer of natural gas from the Cypriot Economic Exclusion Zone (EEZ) to Egypt’s LNG liquefaction facilities, he told AMAY in an interview yesterday.

That’s if Turkey doesn’t get in the way. Responding to a question as to how Nicosia will face a possible drilling by Turkey in Cypriot waters in the EEZ, Christodoulides said the Cypriot government is working to prevent such an act, which, in practice, will jeopardize any attempt to resolve the Cyprus problem. He added that the matter was discussed with Foreign Minister Sameh Shoukry on Tuesday. Christodoulides met with President Abdel Fattah El Sisi and Prime Minister Sherif Ismail yesterday to discuss gas and other avenues of cooperation ahead of Cypriot President Nicos Anastasiades visit to Cairo early next month.

Greek State to keep 36.25% of ELPE’s hydrocarbon rights - ENERGY PRESS

10.4.2018

The Greek State is expected to maintain a 36.25 percent share of ELPE’s (Hellenic Petroleum) hydrocarbon interests, close its current overall stake held in the petroleum company, following the sale of a 50.1 percent share to be offered to strategic investors through an agreement with co-shareholder Paneuropean Oil.

The Greek State currently holds a 35.5 percent stake of ELPE and Paneuropean Oil, a member of the Latsis corporate group, controls a 45.47 percent stake.

A new holding company is expected to be formed to host ELPE’s various hydrocarbon ventures, including one representing the Greek State’s 36.25 percent share, as well as companies currently holding exploration and production licenses for various blocks around Greece. These include Arta-Preveza, northwest Peloponnese, the Gulf of Patras, as well as the Ionian Sea’s Block 2, west of Corfu.

Just days ago, the Greek State and the Latsis corporate group reached an agreement to offer a 50.1 percent share of ELPE to a strategic investor.

Now that this agreement has been reached by the co-shareholders, TAIPED, the state privatization fund, is expected to announce an international tender within the next yen days. The sale procedure could be completed by the end of this year, according to the privatization fund.

Cyprus and Egypt prepare the ground for natural gas pipeline - KATHIMERINI

10 APRIL 2018 - 13:18Egypt was the first country with which Cyprus concluded an EEZ delimitation agreement in 2003

Cyprus and Egypt will be ready in the near future to sign an inter-governmental Agreement concerning a direct submarine natural gas pipeline from Cyprus Exclusive Economic Zone to an LNG plant in Egypt, Foreign Minister Nikos Christodoulides said.

The Minister, visiting Cairo, gave an interview to Egyptian newspaper Al-Masry Al-Youm.

Christodoulides said, "we believe that there is a bright future for the cooperation between Cyprus and Egypt in the field of hydrocarbons as our cooperation is based on solid foundations".

He recalled that Egypt was the first country with which Cyprus concluded an EEZ delimitation agreement (in 2003) and that the energy cooperation between our two countries creates conditions of stability and security in the Eastern Mediterranean.

Gas may play a major role in India-Cyprus bilateral trade - MONEY CONTROL

Apr 09, 2018 07:33 PM IST

"India is a major natural gas importer and here Cyprus may play a role in exporting gas to India," Cyprus High Commissioner to India Demetrios A Theophylactou said here today during an interactive session at the Merchants' Chamber of Commerce and Industry.

Natural gas has the potential to play an important role in greater bilateral trade between Cyprus and India in the years to come, a diplomat said here today.

"India is a major natural gas importer and here Cyprus may play a role in exporting gas to India," Cyprus High Commissioner to India Demetrios A Theophylactou said here today during an interactive session at the Merchants' Chamber of Commerce and Industry.

He, however, clarified that no serious dialogue has been going on at present between the two countries in this regard.

India expects to double share of natural gas in the country’s energy mix to more than triple imports to 70 million tonnes per year by 2022 for which more terminals are being planned.

Israel, Cyprus, Greece to push EastMed gas pipeline to Europe at May summit - NEW EUROPE

APRIL 8, 2018, 01:19
Kostis Geropoulos

Israeli Prime Minister Benjamin Netanyahu spoke on April 4 with Greek Prime Minister Alexis Tsipras and Cyprus President Nicos Anastasiades and “among the issues discussed were advancing the feasibility study for laying a gas pipeline from Israel to Cyprus and from there to Greece and Western Europe,” the office of the Israeli prime minister said.

“The leaders noted that they are looking forward to the trilateral summit next month,” Netanyahu’s office said in a press release. The summit will be held in Nicosia.

Cyprus Natural Hydrocarbons Company [former] CEO Charles Ellinas told New Europe on April 6 that Netanyahu, Anastasiades and Tsipras were planning to meet early January but the meeting was postponed without clear explanations, other than perhaps the UN votes on the issue of Jerusalem.

Ellinas noted that nevertheless the meeting is important in terms of contributing to maintaining close relationships between Israel, Cyprus and Greece. However, he said, the meeting has to be seen what it actually is, as a political meeting to facilitate and eventually sign an inter-governmental agreement on the EastMed gas pipeline.

“Even though essential in facilitating the pipeline, going from there to actually building such a pipeline requires commercial feasibility, participation by the oil and gas industry and financial institutions to fund it and build it and, above all, gas sales to customers in Europe,” Ellinas said. “None of these is anywhere near materialising. Without them this project remains on the table as politically desirable but commercially challenging, unless it secures a substantial subsidy from the EU, which I consider unlikely,” he added.