SDX Energy’s net quarterly revenues rose almost $3 million year-on-year (YoY) in Q1 2018, Egypt Oil & Gas reports.
The company posted revenues of $11 million in Q1 2018, compared to $8.1 million in Q1 2017.
“The first quarter of 2018 was a busy period for SDX and one which saw the company significantly increase its net revenue and overall production year-on-year,” said Paul Welch, president and chief executive of SDX Energy.
The company commenced a seven well workover program in North West Gemsa, in which SDX is a non-operator but owns a 50% working interest.
Moreover, in Meseda, the company “enjoyed success at our Rabul-5 and Rabul-4 appraisal wells, which combined, are currently producing approximately 2,500 bbl/d,” Welch pointed out.
“I am pleased to report that, based on the workover results so far in the second quarter and the expected results of the drilling, we are on track to stabilize production, at a gross rate of around 4,400 boe/d for the remainder of H2 2018,” Welch stated.