SDX Energy has announced a new oil discovery in its West Gharib concession in Egypt, the company said in a statement on September 18.
The company encountered a commercial oil accumulation of approximately 135 feet of net heavy oil at a depth of 4,665 feet. The well was brought online at a steady average of roughly 315 barrels per day (b/d) (gross).
“We are pleased to announce a further drilling success with our MSD-19 well in the West Gharib Concession, which follows the positive result in the Rabul-7 well in June,” CFO and Interim CEO of SDX, Mark Reid, said.
According to Reid, “The well was brought online in a timely and cost-efficient manner and will provide further support to our 2019 production guidance for this asset of gross 4,000-4,200 b/d.”
The company is further planning to drill other development wells in the West Gharib concession over the next 18 months and detailed update will be provided soon to the market, the CEO announced.