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  • SDX Energy Plc commencement of drilling operations in South Disouq in Egypt and spudding of IY-2 well
    édité le 30/06/2021 - Plus de news de "SDX" - Voir la fiche entreprise de "SDX"

SDX Energy Plc commencement of drilling operations in South Disouq in Egypt and spudding of IY-2 well
SDX Energy Plc, the MENA-focused energy company, is pleased to announce the commencement of the South Disouq drilling campaign, which will comprise two wells over the next few months.

Mark Reid, CEO of SDX, commented:

"After our previous highly successful campaigns at South Disouq where we have achieved five discoveries from seven wells drilled, I am excited to announce the commencement of our next phase of drilling. The IY-2 step-out development well was successfully spud and we anticipate that, upon completion, it will be rapidly tied into our existing infrastructure and begin production in Q3 2021. In addition, the planning for the potentially transformational HA-1X exploration well on our Hanut prospect continues, with spud expected in mid Q3 2021. This gross 139bcf prospective target, which has a 33% chance of success, has the potential to significantly transform the resource profile of the Company and we look forward to updating the market further as the well progresses."

South Disouq Drilling Campaign:

The upcoming drilling campaign will consist of one step-out development well and one exploration well in the Company's operated South Disouq (SDX: 55%WI) acreage in Egypt.

The first well, IY-2, which spud on 28 June 2021, is a development well targeting the high porosity and permeability Basal Kafr El Sheikh reservoir at approximately 6,600ft in the Ibn Yunus Field. The well, which will take approximately one month to drill, can be rapidly tied into the existing infrastructure at the nearby IY-1X well with production anticipated to start in late Q3 2021. It is expected that the IY-2 well will maximise recovery from the Ibn Yunus Field and help to maintain current gross production levels of c.45mmscfe/d at the South Disouq Central Processing Facility. The Company expects to update the market on the result of this well in late July/early August.

The second well in the campaign, the HA-1X exploration well on the Hanut prospect, is expected to spud after the completion of IY-2 in early August. HA-1X, which is targeting gross unrisked mean recoverable volumes of 139bcf with a 33% chance of success is also expected to take approximately one month to drill and the Company expects to update the market on its result in mid-September.

About SDX

SDX (AIM: SDX) is an international oil and gas exploration, production, and development company, headquartered in London, United Kingdom, with a principal focus on MENA. In Egypt, SDX has a working interest in two producing assets: a 55% operated interest in the South Disouq gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in five development/production concessions, all situated in the Gharb Basin. The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs. SDX has a strong weighting of fixed price gas assets in its portfolio with low operating costs and attractive margins throughout, providing resilience in a low commodity price environment. SDX's portfolio also includes high impact exploration opportunities in both Egypt and Morocco.

Origine : Communiqué SDX

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