Register to get unlimited Level 2

SDX Energy reaches stabilised production rate early at South Disouq

By Josh White

Date: Tuesday 10 Dec 2019

SDX Energy reaches stabilised production rate early at South Disouq

(Sharecast News) - Middle East and North Africa-focussed oil and gas company SDX Energy has achieved its targeted stabilised plateau production rate of 50 million standard cubic feet per day from its operated South Disouq concession in Egypt, where it has a 55% working interest, about three months earlier than initially expected, it announced on Tuesday.
The AIM-traded firm said gas had been flowing through the South Disouq central processing facility since 7 November with all four discovery wells, adding that the facility was performing as expected.

All gas production was sold to the Egyptian national gas company, EGAS, at a fixed price of $2.85 per thousand standard cubic feet.

SDX said the government of Egypt's entitlement share of gross production equated to about 51%.

"We are very pleased to announce that we have achieved our stabilised production guidance of 50 million standard cubic feet per day approximately three months ahead of our original target date," said chief executive officer Mark Reid.

"The performance to date of the central processing facility and the four wells has exceeded our expectations and, with the commencement of our South Disouq drilling campaign in the first quarter of 2020, we are looking forward to an exciting period of activity in this concession."

At 1249 GMT, shares in SDX Energy were up 1.95% at 20.9p.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page