SDX Energy announced a new oil discovery at the Rabul-7 development in the West Gharib Concession, Egypt Oil & Gas reports.
The new well is 50% owned by the company and was drilled at a depth of 5,323 feet, with approximately 134 feet of heavy crude oil across the Yusr and Bakr formations, with an average porosity of 18%.
The production capacity of the discovered well is estimated at 415 barrels per day (b/d).
“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 fiscal year (FY) 2019 production guidance for this asset of gross 4,000-4,200 bbl/d,” Mark Reid, CFO and Interim CEO of SDX said.
“Another development well is planned for the Concession in H2 2019. The final location of this well is dependent on government approvals and we will update the market on this in due course,” Reid added.