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SDX Energy adds another production well in Egypt

The well, Rabul-3, is expected to add around 300 barrels of oil per day which is at the upper end of the pre-drill expectations.

SDX Energy Inc - SDX Energy adds another production well in Egypt

SDX Energy Plc (LON:SDX) has announced a successful result in the Rabul-3 well, in the West Gharib Concession in Egypt, encountering two reservoirs.

The Rabul-3 development well was drilled to a depth of 5,129 feet and encountered roughly 116 feet of net heavy oil pay, across the Yusr and Bakr formations. Both were said to have excellent reservoir quality and average porosity measured 21%.

It will now be completed as a producer later this month with the company expecting an average production rate of 300 barrels oil equivalent per day, which would be at the upper end of expectations for the well.

READ: SDX Energy’s BMK-1 well lands “play opening” success

"We are very pleased to announce this latest result in our low-cost Meseda/Rabul area, which, thanks to its close proximity to existing infrastructure, will be contributing to cashflow in the coming week,” said Mark Reid, SDX chief executive.

Reid noted also that the addition “provides further” to the company’s 2020 production which envisages some 3,200 to 3,200 barrels of oil per day from the Meseda field.

He added: “We look forward to updating the market further on our Egyptian drilling campaign in due course.

“Even at our $55/bbl long-term planning oil price, approximately 80% of 2020 and 90% of 2021 forecast cash flows will come from our fixed price gas businesses in Egypt and Morocco and accordingly we remain strongly positioned to weather the current fall in oil prices."

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Price: 17 GBX

Market: AIM
Market Cap: £34.8 m

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