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SDX Energy Discovers Oil At Rabul 5 Well In West Gharib, Egypt

14th Mar 2018 12:48

LONDON (Alliance News) - North Africa-focused oil and gas company SDX Energy Inc said on Wednesday it has made an oil discovery at the Rabul 5 Well in the West Gharib Concession in Egypt, in which the company has a 50% working interest.

The well was drilled to 5,280 feet total depth and encountered 151 feet of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 18%.

SDX is conducting a further evaluation of the discovery, following which the well is expected to be competed as a producer and connected to the central processing facilities at Meseda.

The company plans to move to Rabul 4 the second of two appraisal wells planned for the Rabul feature this year once Rabul 5 is complete.

"We are pleased to continue our recent run of drilling success with this oil discovery at Rabul 5. This well encountered the thickest section of pay sands seen in the Rabul area to date, demonstrating the significant oil potential contained within the licence. We have further drilling activity planned for the concession over the coming months and we firmly believe that these activities will enable us to increase output from the licence and achieve our ambitious production plans for 2018," said President and Chief Executive Officer Paul Welch.

Shares in SDX Energy were up 4.1% at 49.20 pence on Wednesday.


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