SPUDDING OF SD-12 EAST WELL AT SOUTH DISOUQ CONCESSION EGYPT
SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is pleased to announce the spudding of the SD-12 East appraisal well (SDX WI 75%), targeting additional reserves to the east of the SD-12X discovery well on the Sobhi field located in the Ibn Yunus North development lease. SD-12 East spudded on 16 April 2022 and is expected to reach TD in approximately three weeks. The primary target, which has already been encountered in the Ibn Yunus and Sobhi reservoirs, is the basal Kafr El Sheikh sand at around 6,480 ft TVDSS. The well is targeting an estimated gross unrisked P50 EUR of 7 Bcf and has a 80% chance of success. In a success case, SD-12 East will be tied-in to the CPF via the existing SD-12X flow-line and is expected to be on production by mid-July 2022.
SD-12 East is the second of three wells to be drilled in the South Disouq area during 2022. The third well in the campaign will be the MA-1X well (Mohsen) targeting an estimated gross unrisked P50 EUR of 21 Bcf. The Mohsen well is planned to spud mid-to-late May.
Mark Reid, CEO of SDX, commented:
“I am pleased to announce the spudding of SD-12 East, the second well in the South Disouq drilling campaign. This campaign is further exploring the potential in the South Disouq area and, with the recent success of the SD-5X discovery well, it has already enabled us to plan for an increase in our production guidance in the coming months. So far in 2022, SDX has had three discoveries from three wells drilled and I look forward to updating the market further as our very busy drilling campaign progresses throughout the year.”
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.
For further information, please see the Company’s website at www.sdxenergygroup.com or the Company’s filed documents at www.sedar.com.
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the London Stock Exchange and the COGE handbook requirements, 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
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