28th Jan 2020 15:56
(Alliance News) - SDX Energy PLC on Tuesday said commercial gas quantities found at the OYF-2 well in Morocco beat pre-drill estimates.
The well, which the company has a 75% stake in, was drilled to a depth of 1,210 metres, SDX said. The company added that between 1.3 billion and 1.9 billion cubic feet of gas is recoverable from areas drilled at the well.
Chief Executive Mark Reid said: "OYF-2 in Morocco is a very positive start, a discovery which is larger than pre drill expectations, and confirmation that our core productive area extends to the north. With the planned follow on development well, we now have the potential to increase our total reserves in Morocco."
In Egypt, where SDX owns a 55% stake in the South Disouq asset, the company is preparing two exploration wells.
SDX estimates the first well to have an unrisked prospect of 71 billion cubic feet equivalent of gas. The second, Sobhi is targeting an unrisked prospect of 33 billion cubic feet equivalent of gas.
SDX expects to spud Salah in mid to late February, before beginning work in late April and early May at Sobhi.
Shares in the company were 1.9% lower at 25.50 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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