SDX Energy spuds offshore Egypt exploration well

Middle East and North Africa-focussed SDX Energy announced the spudding of the MA-1X exploration well, where it has a 67% working interest, offshore Egypt.

The AIM-traded firm said the well was targeting the Mohsen prospect in the exploration extension area of South Disouq.

It said MA-1X spudded on 21 May, and was expected to reach total depth in about three weeks.

The primary target was the basal Kafr El Sheikh sand at around 5,730 feet total vertical depth subsea.

SDX said the well was targeting an estimated gross unrisked 21 billion cubic feet of gas, and had a 45% chance of success.

“I am pleased to announce the spudding of MA-1X, the third and final well in the 2022 South Disouq drilling campaign,” said chief executive officer Mark Reid.

“This well is targeting the basal Kafr El Sheikh play, where we have had five successful wells to date in the Ibn Yunus, Sobhi and Warda fields.

“I look forward to updating the market with the results of this well in due course.”

At 1315 BST, shares in SDX Energy were up 1.8% at 8.14p.

Reporting by Josh White at Sharecast.com.