18th Oct 2021 14:10
SDX Energy PLC - London-based oil and gas exploration, production, and development company - Spuds MSD-21 infill development well on the Meseda field, the first of twelve in a well development campaign on the Meseda and Rabul oil fields in the West Gharib concession in Egypt. Says drilling of the MSD-21 well will take around four weeks, with an expected gross cost to drill and tie in of USD900,000 to USD1.0 million. Expects the MSD-21 well to have an immediate effect on cashflow once online, as it estimates daily production of 300 barrels. Aims for the overall well-drilling campaign to increase production to between 3,500 and 4,000 barrels of oil each day by 2023. This compares to current rates of 2,400 daily barrels. Notes current net-back of USD33 per barrel at USD65 barrels Brent.
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By Scarlett Butler; [email protected]
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