SDX Talks of Egypt Gas, Oil Prospects
AIM and Toronto-listed Egypt explorer SDX Energy said October 10 that initial findings from a 300km² 3-D seismic programme in its 1,275 km2 South Disouq concession in the onshore Nile Delta in June have identified gas-condensate prospects as well as deeper oil-bearing potential.
SDX has a 55% equity interest, as operator, in the concession which is 65 km north of Cairo, within the Abu Madi-Baltim trend that has seen several third-party gas and condensate finds. South Disouq has the dual benefit of having potential not only in the primary targets normally found in the Nile Delta but also in older horizons that are productive across the Western Desert, added SDX.
It said its initial internal assessment of the 3D seismic has identified 15 leads and at least two currently drillable gas and oil bearing prospects, one of which it plans to start drilling in late 2016/early 2017. Dallas-based IPR Energy, which farmed in with a 45% interest to South Disouq two years ago, will carry the first well’s costs, subject to a cap.
Map of SDX's two production and two exploration interests in Egypt (Map credit: SDX Energy)
SDX has two production concessions (NW Gemsa and Mesada) that produce 11,500 boe/d gross, of which 1,511 boe/d net to SDX.
Mark Smedley