GAS DISCOVERY AT MA-1X WELL IN THE SOUTH DISOUQ CONCESSION EGYPT
SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is pleased to announce a gas discovery at the MA-1X well that targeted the Mohsen prospect, within the Exploration Extension Area of South Disouq.
MA-1X (SDX WI: 67%) spudded on 21 May 2022 and reached TD at 6,400 feet MD on 31 May 2022. The primary basal Kafr El Sheikh target was encountered at 5,762 feet MD and discovered 56.3 feet of net pay gas sand with an average porosity of 31.9%. MA-1X will now be completed and tested, with the results of the test being communicated in due course .
MA-1X is the third and final well of the 2022 South Disouq drilling campaign.
Mark Reid, CEO of SDX, commented:
“I am very pleased to announce the success of the MA-1X exploration well. The Mohsen discovery, which is the third success, and the largest target out of the three wells drilled in 2022 with a pre-drill gross P50 EUR of 21 Bcf, demonstrates the continuing potential of the South Disouq asset. I am looking forward to providing a further update in the coming weeks after the well has been tested and we have further evaluated what the discovery could mean for the wider prospectivity of this acreage.”
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 36.9% operated interest in the South Disouq and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn Yunus North 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 four 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.
Estimates of reserves and resources have been prepared in accordance with the June 2018 Society of Petroleum Engineers (“SPE”) Petroleum Resources Management System (“PRMS”) as the standard for classification and reporting with an effective date of 31 December 2021.
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the London Stock Exchange, the technical information contained in the announcement has been reviewed and approved by Dr Rob Cook, VP Subsurface of SDX. Dr. Cook has 30 years of oil and gas industry experience and is the qualified person as defined in the London Stock Exchange’s Guidance Note for Mining and Oil and Gas companies. Dr. Cook holds a BSc in Geochemistry and a PhD in Sedimentology from the University of Reading, UK. He is a Chartered Geologist with the Geological Society of London (Geol Soc) and a Certified Professional Geologist (CPG-11983) with the American Institute of Professional Geologists (AIPG).
For further information:
SDX Energy Plc
Chief Executive Officer
Tel: +44 203 219 5640
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned