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SDX makes gas discovery on Egypt well

Mon, 23rd Jul 2018 15:12

(Sharecast News) - North Africa-focussed oil and gas company SDX Energy announced on Monday that a gas discovery has been made at its SD-3X well in the South Disouq Concession in Egypt, where it holds a 55% working interest as the operator.The AIM-traded firm said SD-3X well was drilled to a total depth of 7,842 feet, and encountered 32.6 feet of net conventional natural gas pay in the Abu Madi and Kafr el Sheik horizons, with an average porosity in the pay sections of 21.7%.It said the SD-3X well would now be completed as a producer in the Abu Madi horizon, and then tested after the drilling rig was moved off location.In order to optimise the potential recovery from the SD-3X well, the Abu Madi horizon would be completed and produced initially before re-entering the well to complete and produce the Kafr el Sheik horizon.The Abu Madi testing was anticipated to begin between 30 and 45 days after the rig departed, depending on the availability of testing equipment.Assuming a successful test in the Abu Madi, SDX said it anticipated that the well would be connected to the infrastructure located adjacent to the original SD-1X discovery, where production start-up was anticipated late in the fourth quarter of 2018."The discovery of gas in both the Abu Madi and Kafr el Sheik horizons is a very positive outcome for the SD-3X well," said SDX president and CEO Paul Welch."As demonstrated by the Ibn Yunus discovery earlier this year, the Kafr el Sheik horizon is an excellent quality productive sequence."Welch said the SD-3X discovery had confirmed that the horizon was "extensively present" throughout the concession."We will now analyse the data from all four wells drilled in the South Disouq campaign, as well as reprocessing and inverting the existing 3D seismic we have on the concession."Upon interpretation of this data, and completion of the new 3D survey later this year, we expect to identify further Abu Madi and Kafr el Sheik prospectivity for drilling in 2019 and 2020."With our drilling activities completed, we will now focus on the completion of the South Disouq processing facility and pipeline infrastructure with a view to achieving first production by the end of 2018."
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13 Sep 2023 11:53

SDX Energy signs accord for gas prepayment to support fourth quarter

(Alliance News) - SDX Energy PLC on Wednesday said it agreed on a non-binding gas prepayment heads of terms with Dika Morocco Africa, which it intends to use towards gas supplies in the fourth quarter.

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11 Sep 2023 14:08

IN BRIEF: SDX Energy operations unaffected by earthquake in Morocco

SDX Energy PLC - London-based energy company, which currently has a portfolio of exploration, development and production assets in Egypt and Morocco - Confirms that its operations have not been affected by an earthquake in Morocco last Friday. "SDX expresses its condolences to all those affected and will look to offer support in country," it says.

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4 Sep 2023 09:33

SDX Energy spuds Ksiri-21 well in Sebou Central of the Gharb Basin

(Alliance News) - SDX Energy PLC on Monday said it has commenced drilling the Ksiri-21 well in Sebou Central of the Gharb Basin, Morocco.

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30 Aug 2023 10:59

SDX Energy agrees to sell Egyptian assets to multinational buyer

(Alliance News) - SDX Energy PLC on Wednesday said it entered a non-binding heads of terms agreement to divest of all its Egyptian assets, as it prepares to diversify into supporting Morocco's energy transition.

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27 Jul 2023 21:53

TRADING UPDATES: Ormonde eyes AIM exit; Online Blockchain tests AI app

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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10 Jul 2023 10:51

IN BRIEF: SDX Energy says senior employee in Egypt fired after probe

SDX Energy PLC - Egypt and Morocco-focused oil and gas - Fires senior employee in Egypt after an investigation into conduct. SDX had announced the probe back in May without naming the employee. At the time, SDX said the suspended employee had emailed SDX stakeholders raising concerns about local tax compliance. SDX had rejected the allegations, saying they were "without merit". "The company has received tax advice from local tax compliance specialists, including a 'big four' accounting firm, in relation to the alleged matters and the company strongly believes it complies with all local tax requirements," it said in May.

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13 Jun 2023 15:54

UK shareholder meetings calendar - next 7 days

Wednesday 14 June 
abrdn Property Income Trust LtdAGM
abrdn Smaller Companies Income Trust PLCAGM
Andrews Sykes Group PLCAGM
Aquila Energy Efficiency Trust PLCAGM
Aurrigo International PLCAGM
Brave Bison Group PLCAGM
Christie Group PLCAGM
Foresight Solar Fund LtdAGM
IGas Energy PLCAGM
International Consolidated Airlines Group SAAGM
Iofina PLCAGM
James Fisher & Sons PLCAGM
Liberty Global PLCAGM
M&C Saatchi PLCAGM
Octopus Titan VCT PLCAGM
Petards Group PLCAGM
Thursday 15 June 
Amaroq Minerals LtdAGM
Anexo Group PLCAGM
ASA International Group PLCAGM
Baillie Gifford China Growth Trust PLCAGM
Chapel Down Group PLCAGM
Directa Plus PLCAGM
Everyman Media Group PLCAGM
HC Slingsby PLCAGM
Inspecs Group PLCAGM
Informa PLCAGM
IP Group PLCAGM
LBG Media PLCAGM
M&G Credit Income Investment Trust PLCGM re amendment to the company's articles of association
Novacyt SAAGM
OTAQ PLCAGM
Parity Group PLCAGM
PetroTal CorpAGM
Pollen Street PLCAGM
Shaftesbury Capital PLCAGM
Southern Energy CorpAGM
Friday 16 June 
Alpha Growth PLCAGM
Anglo-Eastern Plantations PLCAGM
Gulf Keystone Petroleum LtdAGM
John Lewis of Hungerford PLCGM re proposed cancellation of admission to trading on AIM
Tesco PLCAGM
Woodbois LtdAGM
Monday 19 June 
All ThingsConsidered Group PLCAGM
Blackbird PLCAGM
Finsbury Food Group PLCAGM
Globalworth Real Estate Investments LtdAGM
Marlowe PLCGM re proposed capital reduction
Metals Exploration PLCAGM
Red Rock Resources PLCGM re security conversion into shares for cash
Savannah Resources PLCAGM
Tuesday 20 June 
Acceler8 Ventures PLCAGM
Afentra PLCAGM
Armadale Capital PLCAGM
Bay Capital PLCAGM
Blackrock Smaller Companies Trust PLCAGM
Block Energy PLCAGM
Corero Network Security PLCAGM
Coro Energy PLCAGM
Crimson Tide PLCAGM
Curtis Banks Group PLCAGM
EPE Special Opportunities LtdAGM
ICG-Longbow Senior Secured UK Property Debt Investments LtdAGM
Jersey Oil & Gas PLCAGM
Kore Potash PLCAGM
Lords Group Trading PLCAGM
Mission Group PLCAGM
North Atlantic Smaller Cos Investment Trust PLCAGM
Red Capital PLCAGM
Saga PLCAGM
SDX Energy PLCAGM
Skillcast Group PLCAGM
Zegona Communications PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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12 Jun 2023 13:23

SDX Energy mulling sale of its Egyptian assets

(Sharecast News) - SDX Energy responded to, and confirmed, rumours over the potential sale of its Egyptian business on Monday.

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12 Jun 2023 10:32

SDX Energy shares up as it mulls Egyptian assets sale, receives offers

(Alliance News) - SDX Energy PLC on Monday said it has received multiple offers regarding its Egyptian assets and is evaluating them.

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5 Jun 2023 10:50

SDX Energy jumps on renegotiation of gas sales agreement in Morocco

(Alliance News) - SDX Energy PLC on Monday said it has renegotiated a gas sales agreement with one of its key customers in Morocco, resulting in it receiving a higher gas price for production from May 1.

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24 May 2023 12:33

UPDATE: SDX Energy says allegations from suspended employee baseless

SDX Energy PLC - Middle East and Africa-focused oil and gas company - Says recently suspended employee emailed SDX stakeholders raising concerns about in-country financial operations related to local tax compliance. Says allegations are "without merit" and are being dealt with.

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24 May 2023 12:15

IN BRIEF: Former Goldman Sachs executive director joins SDX Energy

SDX Energy PLC - Middle East and Africa-focused oil and gas company - Appoints former Goldman Sachs executive director Daniel Gould as managing director. This appointment comes as SDX Energy has undergone several executive changes over the last few months to implement a "new vision". Earlier this month, William McAvock was appointed chief financial officer following the announced departure of Daan Hanssen at the end of May.

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9 May 2023 14:39

TRADING UPDATES: Cohort hails subsidiary's deal; Treatt profit down

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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2 May 2023 20:16

TRADING UPDATES: Knights Group buys St James Law and Baines Wilson

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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28 Apr 2023 14:29

SDX Energy shares fall as it reports a decline in annual revenue

(Alliance News) - SDX Energy PLC on Friday said its annual revenue fell in 2022, due to increased operating costs and lower sales volumes.

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