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SDX Energy makes sizeable gas discovery at Egyptian asset
AIM-quoted exploration and production firm SDX Energy has discovered gas at its Ibn Yunus-1X exploration well in Egypt.
SDX encountered the 100.8 feet of net conventional natural gas pay with an average porosity of 28.5% after it drilled to a total depth of 9068 feet in the Abu Madi horizon.
The London-based group will shortly complete the well as a producer in the Abu Madi section, with testing to follow 30 and 45 days after the drilling rig has been moved off location, depending on the availability of testing equipment.
After a successful test, SDX intends to connect the well to its infrastructure, located adjacent to the original SDX discovery in the basin, SD-1X, where production start-up is anticipated in the second half of 2018.
Paul Welch, president and chief executive of SDX, said, "This highly positive drilling result further demonstrates the very significant natural gas potential the licence holds. Combined, these two successful wells confirm our views of the subsurface geology and demonstrate that we are on course to realise the full potential of the licence."
SDX holds a 55% interest in the Ibn Yunus-1X exploration well at South Disouq.
As of 0920 BST, shares had picked up 2.09% to 49.77p.