TIDMSDX
RNS Number : 7460S
SDX Energy Inc.
05 October 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
5 October 2017
SDX ENERGY INC.
("SDX" or the "Company")
Oil discovery at Rabul 2 Well, West Gharib Concession, Egypt
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to announce that an oil discovery has
been made by the Rabul 2 Well in the West Gharib Concession in
Egypt (SDX 50% Working Interest & Joint Operator).
The well encountered approximately 101.5 feet of net heavy oil
pay across the Yusr and Bakr sand formations, with an average
porosity of 20%. Evaluation is ongoing, after which the Company
expects that the well will be completed as a producer in the Bakr
and connected to the central processing facilities at Meseda.
The Rabul 2 well is the last of the commitment wells in the West
Gharib concession and was drilled as an offset to the first
commitment well Rabul 1, which was drilled in July 2017. Rabul 1
encountered 14.5 feet of net heavy oil pay with an average porosity
of 21.2% in the Yusr sands and was subsequently completed as an oil
producer in the Yusr sands.
Paul Welch, President and CEO of SDX, commented:
"This was our final commitment well in the West Gharib
concession and we are encouraged by the result, which reaffirms our
view of the area's significant development potential. The well came
in ahead of expectations, based upon the results of the offset
Rabul 1 location. The ultimate potential in this new Bakr structure
is currently under review and will be better understood once the
well is completed and tested.
"Today's news is also further evidence of the high activity
levels right across the SDX portfolio including the filing of the
fast track development plan in South Disouq Egypt. I look forward
to providing further updates shortly on that filing, our
development drilling campaign currently underway in Morocco and the
production results at our Rabul 2 discovery."
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 a working
interest in two producing assets (50% North West Gemsa & 50%
Meseda) located onshore in the Eastern Desert, adjacent to the Gulf
of Suez. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Rharb Basin. These producing assets are
characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX's
portfolio also includes high impact exploration opportunities in
both Egypt and Morocco.
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 Mark Reid
Executive Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe (Nominated Adviser
& Joint Broker)
Sarah Wharry
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/Jimmy Lea
Tel: +44 207 520 9260
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward--Looking Information
Certain statements contained in this press release may
constitute "forward--looking information" as such term is used in
applicable Canadian securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
the completion of the Rabul 2 well, the development potential of
the West Gharib concession area, the Company's understanding of the
Bakr structure, and the Company's plans to provide future updates
on its activity all should be regarded as forward-looking
information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because SDX can give no assurances that
they may prove to be correct. This includes, but is not limited to,
assumptions related to, among other things, commodity prices and
interest and foreign exchange rates; planned synergies, capital
efficiencies and cost--savings; applicable tax laws; future
production rates; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labor and services.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors to provide accurate
timing to the market, it cautions that due to the nature of its
operations and reliance on third parties this is subject to change
often at little or no notice. If there is a delay or change to any
of the timings indicated in this announcement, the Company shall
update the market without delay.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward--looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. Readers are
cautioned that the foregoing list of risk factors is not exhaustive
and are advised to reference SDX's Management's Discussion &
Analysis for the three and twelve months ended December 31, 2016,
which can be found on SDX's SEDAR profile at www.sedar.com, for a
description of additional risks and uncertainties associated with
SDX's business, including its exploration activities.
The forward--looking information contained in this press release
is as of the date hereof and SDX does not undertake any obligation
to update publicly or to revise any of the included
forward--looking information, except as required by applicable law.
The forward--looking information contained herein is expressly
qualified by this cautionary statement.
Oil and Gas Advisory
Certain disclosure in this news release constitute "anticipated
results" for the purposes of National Instrument 51-101 of the
Canadian Securities Administrators because the disclosure in
question may, in the opinion of a reasonable person, indicate the
potential value or quantities of resources in respect of the
Company's resources or a portion of its resources. Without
limitation, the anticipated results disclosed in this news release
include estimates of pay thickness and hydrocarbon content
attributable to the resources of the Company. Anticipated results
are subject to certain risks and uncertainties, including those
described above and various geological, technical, operational,
engineering, commercial and technical risks. In addition, the
geotechnical analysis and engineering to be conducted in respect of
such resources is not complete. Such risks and uncertainties may
cause the anticipated results disclosed herein to be inaccurate.
Actual results may vary, perhaps materially.
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the
London Stock Exchange the technical information contained in the
announcement has been reviewed and approved by Paul Welch,
President and Chief Executive Officer of SDX. Mr. Welch, who has
over 30 years of experience, is the qualified person as defined in
the London Stock Exchange's Guidance Note for Mining and Oil and
Gas companies. Mr. Welch holds a BS and MS in Petroleum Engineering
from the Colorado School of Mines in Golden, CO. USA and an MBA in
Finance from SMU in Dallas, TX USA and is a member of the Society
of Petroleum Engineers (SPE).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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