24th Apr 2020 14:46
(Alliance News) - SDX Energy PLC on Friday said testing confirmed the commercial potential of a well in Egypt.
SDX was conducting flow rate testing at the Sobhi well in Egypt.
Chief Executive Mark Reid said: "We are pleased with these initial well test results which confirm that we have a commercial discovery at the Sobhi well.
"To have a commercial gas discovery of this scale at South Disouq is especially pleasing in the current environment as our low cost, fixed price gas development will continue to be highly cash generative for longer."
A further "rig-less" test will be conducted at Sobhi in order to provide more data on the well.
Shares in the company were 8.2% higher at 16.50 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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