SDX Energy finishes drilling campaign at SD-1X well in Egypt

North Africa focused oil and gas company SDX Energy Inc said on Friday drilling on the SD-1X on the South Disouq concession in Egypt has reached its second target depth.

The well has been drilled to a total depth of 11,068 feet, with hydrocarbons present in the deeper intervals, indicating a working petroleum system within the section.

Although the well confirmed the presence and quality of reservoir intervals within the section, there was not a sufficient amount of hydrocarbons present to justify completing the interval. As a result, the well is set to be completed in the upper Abu-Madi section, and then the rig will be released.

“Whilst it is disappointing not to have made a second commercial discovery in SD-1X’s deeper target, evidence of a working petroleum within this interval is extremely important to the prospectively of the concession. We are excited about this discovery, which adds a new asset to SDX’s growing portfolio. We remain firmly on track to deliver additional shareholder value in 2017 and beyond,” said Chief Executive Officer Paul Welch.

Shares in SDX Energy were down by 11 percent at 53.90 pence on Friday.

Source: Alliance news