SDX Energy: New Oil Discovery in Egypt

SDX Energy Plc revealed a new oil discovery in West Gharib concession located in the Western Desert of Egypt.

The well’s depth is 5,323 feet down and it is connected to the central processing facilities at the Meseda field.

The new discovery will promote the company’s production in 2019; which is measured by a total of 4,000-4,200 oil barrels per day.

The company is looking forward to drilling another well in the same concession area.

Company's declarations

Mark Reid, interim chief executive at SDX Energy, said, “We are pleased to have made an oil discovery at our Rabul-7 well in the West Gharib concession”.

He clarified that the well’s final location will be revealed later according to the government approvals.

About SDX Energy

It’s worth mentioning that SDX Energy is a North African exploration and production company listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE).

It was created in October 2015 through the merger of TSX listed Sea Dragon Energy and privately owned Madison PetroGas.