SDX Energy Inc (LON:SDX, CVE:SDX) told investors it has now completed a seismic data acquisition programme over its 55% owned South Disouq acreage in Eqypt’s Nile delta.
Some 300km worth of 3D data was acquired in the programme, which finished on June 12. The work was completed under budget and ahead of schedule, the company highlighted.
It added that the initial data set is good quality and clearly clearly indicates the presence of the prolific Abu Madi trend within the block.
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Data processing is now expected to last for around three months. It is expected that the data, once complete, will inform the selection of a well location. Drilling could subsequently get underway in late 2016.
Paul Welch, SDX chief executive, said: “The initial data set is of high quality and shows evidence on our block of the Abu Madi trend, along which operators have made large commercial discoveries in recent years.
“Additionally, this new data has allowed us to image deeper stratigraphy much better than originally anticipated which opens up a new range of potential targets within the block, several of which may be oil bearing.
“Whilst our principal strategic focus is on generating profitable cash flow via our high-margin producing assets, exploration represents an important part of our growth strategy and we look forward to drilling this high impact and carried exploration well later this year."