SDX Energy has confirmed an oil discovery in Egypt.
The firm’s Rabul 2 Well in the West Gharib Concession hit 101.5 feet of net heavy oil pay across the Yusr and Bakr sand formations, with an average porosity of 20%.
President Paul Welch said: “This was our final commitment well in the West Gharib concession and we are encouraged by the result, which reaffirms our view of the area’s significant development potential. The well came in ahead of expectations, based upon the results of the offset Rabul 1 location. The ultimate potential in this new Bakr structure is currently under review and will be better understood once the well is completed and tested.
“Today’s news is also further evidence of the high activity levels right across the SDX portfolio including the filing of the fast track development plan in South Disouq Egypt. I look forward to providing further updates shortly on that filing, our development drilling campaign currently underway in Morocco and the production results at our Rabul 2 discovery.”
The Rabul 2 well is the last of the commitment wells in the West Gharib concession and was drilled as an offset to the first commitment well Rabul 1, which was drilled in July 2017. Rabul 1 encountered 14.5 feet of net heavy oil pay with an average porosity of 21.2% in the Yusr sands and was subsequently completed as an oil producer in the Yusr sands.
SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a working interest in two producing assets (50% North West Gemsa & 50% Meseda) located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in the Sebou concession situated in the Rharb Basin.
SDX considers characterises its assets as “exceptionally low operating costs making them particularly resilient in a low oil price environment”.