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SDX Energy to prioritise South Disouq gas field development

“We have an excellent gas discovery in our primary target, the Abu-Madi, and view the well results as a very significant success," says chief executive Paul Welch.

Onshore oil and gas drilling
SDX now plans to test the new gas discovery

SDX Energy Inc (LON:SDX) has given details of the deeper exploration target in the SD-1X well, in Egypt, where drilling is now complete.

Having already made a significant gas discovery in shallower gas targets the company has now confirmed the presence of hydrocarbons and a working petroleum system in the deeper exploration target, though there wasn’t a sufficient amount of hydrocarbons to warrant further testing at this time.

WATCH: SDX Energy's Paul Welch on their 'significant success' at SD-1X

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Paul Welch, SDX Energy chief executive, said: “we have an excellent gas discovery in our primary target, the Abu-Madi, and view the well results as a very significant success. 

“Our objectives now are to test this upper interval and then get the field developed and on production in the shortest possible time frame.”

He added: "Whilst it is disappointing not to have made a second commercial discovery in SD-1X's deeper target, evidence of a working petroleum system within this interval is extremely important to the prospectivity of the concession.”

Welch highlighted that Cretaceous units, which were the well’s secondary target, are “laterally extensive” in the area and noted that the company had already identified other locations from which the petroleum system could potentially be tested in the future.

Quick facts: SDX Energy Inc

Price: 22 GBX

Market: AIM
Market Cap: £45.04 m

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on 04/08/2019

2 min read