SDX Energy development well in Egypt finds commercial oil

Writer, Stock Market Wire
Wednesday, September 18, 2019 - 07:50

SDX Energy said a well at the West Gharib Concession in Egypt, of which it was a 50% shareholder and operator, had encountered a commercial oil accumulation.

The MSD-19 development well was drilled to a total depth of 4,665 feet and encountered about 135 feet of net heavy oil pay across the Asl Formation, with an average porosity of 24%.

The well was completed as a producer, connected to the central processing facilities at Meseda and brought online at an average stabilised rate over five days of about 315 barrels per day.

'We are pleased to announce a further drilling success with our MSD-19 well in the West Gharib Concession, which follows the positive result in the Rabul-7 well in June,' chief financial officer and interim chief executive Mark Reid said.

'The well was brought online in a timely and cost efficient manner and will provide further support to our 2019 production guidance for this asset of gross 4,000-4,200 barrels per day.'

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