SDX Energy PLC - London-based oil and gas company - Completes drilling at the MSD-23 infill development well on the Meseda field in West Gharib, Egypt. SDX says the development drilling campaign is aimed at growing to a gross production of about 3,500 - 4,000 barrels of oil per day by early 2023.
Chief Executive Officer Mark Reid says: "The logs from MSD-23 indicate an excellent result with the virgin pressure upper sand of particular interest. The well will now be connected to our infrastructure and flow tested and we will update the market on the results of this in the coming weeks."
In a separate announcement, the company says the MA-1X well that targeted the Mohsen prospect within the Exploration Extension Area of South Disouq, is currently in the process of being tested. "The final results of this work are expected to be available in three months' time and will inform the requirements to commercialise the discovery, which may necessitate more wells than the two wells initially estimated to produce the gas," SDX notes.
Current stock price: 10.50 pence, down 0.5%
12-month change: down 31%
By Xindi Wei; xindiwei@alliancenews.com
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SDX Energy (SDX)