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(Alliance News) - SDX Energy PLC on Wednesday said results from drilling the HA-1X exploration well on the Hanut prospect in Egypt were disappointing, after reaching the target depth of 6,000 feet.
The primary target for HA-1X was the Basal Kafr El Sheikh sand at 5,200 feet. The well however found that the Basal Kafr El Sheikh sand had been eroded at this location.
Whilst drilling to the target depth, SDX Energy said good quality sands were found at the Qawasim level, however, they were not charged with gas.
SDX Energy shares were trading 12.2% lower in London on Wednesday at 12.72 pence each.
"Whilst the result of this well is disappointing, I remain positive about the remaining prospectivity in the area which has not been materially impacted," said Chief Executive Mark Reid.
The exploration and production company, which has assets in Egypt and Morocco, said it considers the result of the HA-1X well to have limited impact on the remaining 90 billion to 100 billion standard cubic feet of gas of prospectivity at its South Disouq project in Egypt.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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