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SDX Energy secures rig for new Egypt well drilling campaign

"We are pleased to have secured a drilling rig for our upcoming drilling campaign in Egypt, which is set to commence in March,” said Paul Welch, SDX chief executive

oil and gas operations
Drilling at the Ibn Yunus-1X exploration well will start in March

SDX Energy Inc (LON:SDX, CVE:SDX) told investors it has secured a drill rig for a programme of at least four new wells in Egypt.

The company said the rig will be released from its present job in late February, meaning it should be available and mobilised ready for the first new SDX well in mid-March.

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SDX will start the drill programme with the Ibn Yunus-1X exploration well at the South Disouq project area. The well will take between 30 and 40 days to drill. It is targeting the same conventional natural gas bearing intervals that were discovered in the SD-1X well, drilled last April.

After Ibn Yunus-1X, the rig will drill two direct appraisal wells for the SD-1X discovery.

The fourth well will be the Kelvin-1X exploration well, and after that the group has one optional well written into the rig contract so the programme could be extended.

Elsewhere in Egypt, the company is presently drilling the Rabul 5 development well at the West Gharib Concession. It is the first of two planned development wells at field. It is targeting an oil reservoir that’s present in the Rabul 1 and Rabul 2 wells. The Rabul 5 well will take about 30 days to drill.

READ: SDX Energy kicks off KSS-2 well drilling in Morocco

"We are pleased to have secured a drilling rig for our upcoming drilling campaign in Egypt, which is set to commence in March,” said Paul Welch, SDX chief executive.

“The Ibn Yunus-1X and Kelvin-1X wells are targeting up to 150bcf and, if successful, will be tied back to the SD-1X processing facility.”

Welch added: “Following our discovery at Rabul 2 in October 2017, we plan to drill two development wells on the West Gharib concession this year, as we believe the licence holds significant development potential and further upside for all our stakeholders. 

“We look forward to updating our shareholders on our exciting drilling campaigns in both Egypt and Morocco in due course."

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Price: 16.75 GBX

Market: AIM
Market Cap: £34.4 m

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on 8/4/19

2 min read