Last checked at 
(Alliance News) - SDX Energy said on Thursday oil production had started at the MSD-21 development well in its West Gharib concession in Egypt.
Shares in SDX Energy were up 11% at 10.80 pence on Thursday morning in London following the announcement.
The London-based oil and gas company with projects in Egypt and Morocco holds a 50% working interest in the MSD-21 well, alongside Dublin International Petroleum Ltd with a 50% operating interest.
SDX Energy said the well is now expected to achieve a gross production rate of 3,000 barrels of oil per day, in line with its pre-drill estimates.
MSD-21 is the first well in a fully-funded, 12-well development campaign in the West Gharib concession, the company explained.
SDX is aiming to grow gross production to between 3,500 and 4,000 barrels of oil per day by early 2023 from current rate of 2,100 barrels.
The rig is now in the process of moving to the next well in its campaign, MSD-25. SDX Energy said it expects this will to spud in mid-January.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
