(Alliance News) - SDX Energy PLC on Tuesday said the South Disouq concession in Egypt has reached its stabilised plateau production rate target three months ahead of schedule.
SDX has a 55% working interest in South Disouq, which has hit the 50 million standard cubic feet equivalent per day target three months earlier than was initially expected.
All gas from South Disouq is sold to EGAS, Egypt's national gas company, at USD2.85 per thousand cubic feet. The Egyptian government's entitlement share of gross production from South Disouq equates to approximately 51%.
Gas has been flowing through the South Disouq central processing facility since November 7, and this, as well as all four discovery wells, is performing as expected.
SDX Chief Executive mark Reid said: "We are very pleased to announce that we have achieved our stabilised production guidance of 50 [million standard cubic feet equivalent per day] approximately three months ahead of our original target date. The performance to date of the CPF and the four wells has exceeded our expectations and, with the commencement of our South Disouq drilling campaign in Q1 2020, we are looking forward to an exciting period of activity in this concession."
Shares in SDX were up 2.0% at 20.90 pence in London on Tuesday afternoon.
By Anna Farley; annafarley@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
SDX Energy (SDX)