SDX Energy plc (AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul-7 development well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator).
The well was drilled to a total depth of 5,323 feet and encountered approximately 134 feet of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 18%. The well was completed as a producer, connected to the central processing facilities at Meseda and brought on-line at an average stabilised rate over five days of approximately 415 bbl/d (gross).
Mark Reid, CFO and Interim CEO of SDX, commented:
"We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib Concession and to achieve further drilling success in this area of the Concession. The well was brought online in a timely and cost efficient manner and will provide further support to our FY 2019 production guidance for this asset of gross 4,000-4,200 bbl/d. Another development well is planned for the Concession in H2'19. The final location of this well is dependent on government approvals and we will update the market on this in due course."