SDX Tests Latest Egypt Discovery
North Africa explorer SDX Energy said May 18 has tested its Ibn Yunus 1X well onshore Egypt, which it had declared a discovery last month.
It successfully flowed natural gas at a stabilised rate of 39.3mn ft3/d, exceeding SDX’s initial expectations. The AIM and Toronto-listed SDX, which has a 55% interest in the South Disouq licence, will work bring the discovery into commercial production by end 2018.
Equity analysts Cantor Fitzgerald said the Ibn Yunus well, along with the Kelvin 1X now being drilled, could add up to 150bn ft³ (83bn ft3 net to SDX), further its success on the South Disouq licence. SDX is also active onshore Morocco: of a recent nine-well exploration campaign there, seven were gas discoveries.