SDX Energy unearths new oil discovery with Egypt well

 

SDX Energy Inc (LON:SDX, CVE:SDX) saw its shares advance today after the group announced a new oil discovery in Egypt, with the Rabul-2 well unearthing heavy crude in the West Gharib concession.

Rabul-2 hit some 101.5 feet of net oil pay across the Yusr and Bakr formations, and the company expects the well will be completed as a new producer connected to processing facilities at the Meseda field.

It marks the final commitment well for West Gharib, following the Rabul-1 well which in the summer hit 14.5 feet of heavy oil pay before being completed as a producer.

SDX chief executive Paul Welch said: “We are encouraged by the result, which reaffirms our view of the area’s significant development potential.

“The well came in ahead of expectations, based upon the results of the offset Rabul 1 location. The ultimate potential in this new Bakr structure is currently under review and will be better understood once the well is completed and tested.”

“Today’s news is also further evidence of the high activity levels right across the SDX portfolio including the filing of the fast track development plan in South Disouq Egypt.”

In afternoon trading, SDX shares were up 5.8%, or 2.88p at 52.62p.

 

Source : proactive investors

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