SDX Energy spuds well in West Gharib concession

The development drilling campaign is aimed at growing production from current rates of c. 2400 bpd to c. 3500 - 4000 bpd by early 2023.

The MSD-21 infill development well on the Meseda field (SDX:50% working interest) spudded on 16 October and is targeting the Asl Formation reservoir at approximately 3200 ft TVDSS. It is estimated that the well will take around 4 weeks to drill, complete and tie-in to the existing infrastructure. MSD-21, with an expected gross cost to drill and tie in of US$0.9-US$1 million, is anticipated to come online and produce at around gross 300 bpd.

Mark Reid, CEO of SDX, commented: "In today's higher oil price environment, I am excited to announce the spudding of the first well in a 12 well infill development campaign on our West Gharib oil fields in Egypt. With H1 2021 netback of US$33/bbl at US$65/bbl Brent, West Gharib is currently a very high margin asset in our portfolio and the MSD-21, and subsequent wells, will boost the production and cashflow from these fields in the coming months. I look forward to updating the market further as the campaign progresses."

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