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SDX Energy spuds well in West Gharib concession

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Oilfield Technology,

SDX Energy has announced the spudding of the MSD-21 infill development well on the Meseda field. This well is the first, in a fully funded, 12-well development campaign on the Meseda and Rabul oilfields in the West Gharib concession, Egyptian Eastern Desert.

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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