(Alliance News) - SDX Energy PLC on Tuesday said it achieved first gas at its South Disouq SD-12X well in Egypt on December 21, six weeks ahead of schedule.
The oil & gas exploration and production company focused on North Africa said it estimates the SD-12X well has around 24 billion cubic feet of recoverable resources and can produce at a rate of up to between 10 and 12 million cubic feet per day.
Currently, the well is producing at approximately between five and seven million cubic feet per day and will continue to be monitored to determine its optimum production rate, it added.
SDX Energy said it has seen average entitlement production for 2020 of around 6,400 barrels of oil per day, an increase of 58% from 2019 and exceeding its 2020 guidance of between 6,000 and 6,250 barrels of oil per day.
Chief Executive Mark Reid said: "I am very pleased to be able to announce a strong end to 2020 and a promising start to 2021 with our SD-12X well, where we have 100% entitlement interest, coming on stream six weeks ahead of schedule. Production from two of our three core assets beat 2020 guidance being South Disouq and Morocco, where production is now back to pre-Covid close-down levels while our third core asset in West Gharib came in at the top end of guidance."
Shares in SDX Energy were up 3.9% at 18.70 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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