(Sharecast News) - Middle East and North Africa-focussed SDX Energy announced a gas discovery at the SD-12 East well on Tuesday, which targeted a separate compartment in the Sobhi Field within the Ibn Yunus North development lease in Egypt.
The AIM-traded firm said the well, in which it has a working interest of 67%, spudded on 17 April and reached a total depth of 7,295 feet on 26 April.
It said the primary basal Kafr El Sheikh target was encountered at 6,567 feet, and discovered 70.2 feet of net pay gas sand with an average porosity of 24.1%.
A secondary target gas sand in the upper Kafr El Sheikh was also encountered at 4,838 feet, and discovered 9.1 feet of net pay gas sand with 30.7% porosity.
SD-12 East would now be completed, tested in the primary target area and tied-in to the central processing facility via the SD-12X flow-line, with the well set to be on production in July.
With the completion of SD-12 East, the company said the rig would now move to the final well in the three-well campaign, MA-1X, which was targeting the Mohsen prospect and which had a planned spud date in late May.
"I am very pleased to announce a second successful well in the South Disouq 2022 drilling campaign," said chief executive officer Mark Reid.
"SD-12 East is expected to be contributing to production by July 2022 and I look forward to updating the market further on the results of the well-test when this completes in the coming weeks."
At 1249 BST, shares in SDX Energy were up 8.92% at 8.84p.
SDX Energy (SDX)