logo-loader
viewSDX Energy Inc

SDX Energy reveals latest well success at West Gharib project

The success supports the company's guidance for 4,000 to 4,200 barrels per day production from the asset this year.

SDX Energy Inc - SDX Energy reveals latest well success at West Gharib project
MSD-19 has been producing 315 bpd for its first five days

SDX Energy Plc (LON:SDX) has revealed success in the MSD-19 development well in the West Gharib project area, in Egypt.

The well was drilled down to 4,665 feet and encountered some 135 feet of net heavy oil pay across the Asl Formation. The company added that porosity was measured at 24%.

MSD-19 has been completed as a production well and has been connected to the central processing facilities at the Meseda project.

READ: SDX Energy on track to meet targets as first-half production grows

It came online with a stabilised production rate of 315 barrels per day, over a five day period.

"We are pleased to announce a further drilling success with our MSD-19 well in the West Gharib concession, which follows the positive result in the Rabul-7 well in June,” said Mark Reid, interim chief executive.

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

Reid noted that more development wells are planned over the coming eighteen months, with the precise details subject to government approval.

SDX owns a 50% interest in West Gharib and it is joint operator of the project. 

Quick facts: SDX Energy Inc

Price: 22 GBX

AIM:SDX
Market: AIM
Market Cap: £45.04 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of SDX Energy Inc named herein, including the promotion by the Company of SDX Energy Inc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Tekcapital’s Belluscura set to receive FDA clearance

Top stories from the Proactive Investors UK newsroom. Tekcapital (LON:TEK) says portfolio company Belluscura is set to receive US clearance next year for its patented portable oxygen concentrator. Belluscura’s also raised £725,000 in a funding round at 15p/share. SDX Energy (LON:SDX)...

on 26/6/19

2 min read