SDX Energy Inc. Operations Update (0659P)
14 November 2016 - 6:00PM
UK Regulatory
TIDMSDX
RNS Number : 0659P
SDX Energy Inc.
14 November 2016
14 November 2016
SDX ENERGY INC
("SDX" or the "Company")
OPERATIONS UPDATE
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to provide an operational update on its
South Disouq and Meseda concessions in Egypt.
South Disouq
As previously announced on 10 October 2016, SDX's initial
assessment of the 3D seismic data at South Disouq was positive and
identified potential for both oil and gas bearing prospects.
Further interpretation of the data has now indicated several Abu
Madi and Kafr El Sheikh prospects displaying strong Class III
amplitude versus offset (AVO) responses. Testing of similar
responses in offset areas has resulted in numerous discoveries at
these stratigraphic levels. These responses have allowed SDX to
high grade several prospects for drilling in the near term. These
positive AVO responses further de-risk the prospectivity in the
area, allowing SDX and its partners to achieve the intended goal of
the 3D seismic acquisition program.
SDX, who operate with a 55% equity interest on the concession,
and its partner, have agreed on the target and location for
drilling the carried exploration well, identified during the
interpretation of data. The permitting process has commenced and a
team has been engaged to provide technical assistance on the well,
with drilling set to commence by early Q1 2017.
Subsequent to the announcement on 10 October 2016, the Company
can confirm that it has received enquiries from a number of
operators regarding farming in to the licence. Although the Company
is fully carried on its remaining obligations in the license and is
unlikely to farm down any additional equity, it has agreed to let
selected companies submit proposals to acquire an interest in the
concession. These discussions are ongoing and SDX will update the
market as appropriate.
Meseda
SDX has completed the final design work on the Electrical
Submersible Pump ("ESP") program, which it undertook after
conclusion of its field review in May 2016. The Company is now
finalising its technical review of the Meseda facility after which
it will procure equipment necessary to double the treating capacity
of the central production facility ("CPF"), enabling it to
significantly raise net production from the concession.
Paul Welch, CEO of SDX Energy, commented:
"Today's announcement demonstrates solid operational progress
and momentum for SDX. The update on South Disouq marks an important
step for the Company, as we move out of the analysis phase of our
work programme and into drilling phase. At Meseda, we are excited
to have the majority of the technical work completed and look
forward to moving into the implementation phase in the near term in
order to maximise the field's full potential."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on North Africa. In Egypt, SDX has an interest in
two production concessions: North West Gemsa and West Gharib
(Meseda) both located in the Eastern Desert. SDX's portfolio also
consists of South Ramadan, a development asset in the Gulf of Suez
and South Disouq, an exploration asset in the Nile Delta. For
further information, please see the website of the Company at
www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Executive Mark Reid
Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe
(Nominated Adviser &
Joint Broker)
Sarah Wharry/Craig Francis
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint
Broker)
Jonathan Wright/David
van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/ Joanna
Boon
Tel: +44 207 520 9260
This information is provided by RNS
The company news service from the London Stock Exchange
END
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