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SDX Energy reveals new oil discovery at Rabul-7 well in Egypt

"We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib concession," said Mark Reid, interim chief executive.

oil and gas operations
The well has been put on production

SDX Energy Plc (LON:SDX) told investors that it has made a new oil discovery, as the Rabul-7 well encountered 134 feet of pay.

Rabul-7 is located in the West Gharib concession in Egypt. The well was drilled down to a depth of 5,323 feet and it encountered two formations of heavy oil pay, Yusr and Bakr, totalling 134 feet.

The well was completed as a producer and has been connected to the central processing facilities at the Meseda field.

READ: SDX Energy tipped for significant upside as production growth looms

Production has been measured at 415 barrels of oil per day at a stabilised rate, over five days.

"We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib concession and to achieve further drilling success in this area of the concession,” said Mark Reid, SDX interim chief executive.

“The well was brought online in a timely and cost efficient manner and will provide further support to our FY 2019 production guidance for this asset of gross 4,000-4,200 bbl/d. 

“Another development well is planned for the concession in H2'19.

“The final location of this well is dependent on government approvals and we will update the market on this in due course."

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