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LONDON (Alliance News) - SDX Energy Inc on Monday said the seismic acquisition programme at its South Disouq exploration asset in Egypt was completed on Sunday under budget and ahead of schedule.
SDX Energy holds a 55% equity interest in the South Disouq asset and is the operator of the site.
The oil and gas company, which has assets in Egypt and Cameroon, said the 3D seismic acquisition programme consisted of 300 square kilometres of data, adding that the initial data set is "good quality and clearly indicates the presence of the prolific Abu Madi trend within the block".
Data processing will commence immediately and is anticipated to take three months to complete, SDX Energy said. The company will use the data to build a prospect inventory with a view to selecting a location for a fully carried exploration well, which is expected to be drilled in late 2016.
"We are delighted that the seismic programme has been completed early, and we are excited to begin fully processing the data. The initial new data has allowed us to image deeper stratigraphy much better than originally anticipated which opens up a new range of potential targets within the block, several of which may be oil bearing," said Chief Executive Paul Welch.
"Whilst our principal strategic focus is on generating profitable cash flow via our high-margin producing assets, exploration represents an important part of our growth strategy and we look forward to drilling this high impact and carried exploration well later this year," Welch added.
Shares in SDX Energy were up 3.6% at 23.30 pence in London on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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