SDX Energy completes drilling at MSD-21 well in Egypt
SDX Energy Plc (AIM: SDX), announced the completion of drilling at the MSD-21 infill development well on the Meseda field in its West Gharib concession, Egypt (SDX: 50% working interest). MSD-21 encountered the primary top Asl Formation reservoir at 4,040ft MD (-3,251ft TVDSS) and reached a TD of 4,740ft. The well encountered 62.3ft of good-quality, net oil pay sandstone, with an average porosity of 21.3% in the Asl Formation reservoir. MSD-21 will now be tied-in to the existing facilities and flow tested.
MSD-21 is the first well in a fully-funded, 12-well development campaign on the Meseda and Rabul oil fields in the West Gharib concession, Egyptian Eastern Desert. The development drilling campaign is aimed at growing production from current rates of c. 2,100bbl/d to c. 3,500 – 4,000bbl/d by early 2023.
The rig will now move to the next well in the campaign, MSD-25, which is expected to spud in early to mid-January 2022.
Mark Reid, CEO of SDX, commented:
“The logs from MSD-21 are encouraging and the well will now be connected to our infrastructure and flow tested. We will update the market in the coming weeks on production rates. With YTD Q3 2021 netback of US$35/bbl at US$68/bbl Brent, West Gharib is currently a very high margin asset in our portfolio and 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.”
