TIDMSDX
RNS Number : 5541Q
SDX Energy PLC
29 June 2022
29 June 2022
SDX ENERGY PLC ("SDX", the "Company" or the "Group")
SPUD OF MSD-23 WELL AND COMMENCEMENT OF PRODUCTION FROM MSD-24
WELL AT WEST GHARIB CONCESSION, EGYPT
SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is
pleased to announce the spudding of the MSD-23 infill development
well on 24 June 2022 at the Meseda Field, West Gharib concession,
Egypt (SDX WI: 50%). MSD-23 is targeting the primary Asl Formation
reservoir at around 4,000 feet MD (3,200ft TVDSS). MSD-23 is the
fifth well in a fully funded, 13-well development campaign on the
Meseda and Rabul oil fields in the West Gharib concession.
The fourth well of the campaign, MSD-24 (TD, 5 June 2022), has
been connected to facilities and is currently producing at a gross
rate of around 300 bbl/d which is in line with pre-drill estimates.
Operations at the third well, MSD-20, continue.
The development drilling campaign is aimed at growing production
to c.3,500 - 4,000 bbl/d by mid-2023.
Mark Reid, CEO of SDX, commented:
"I am pleased to announce the spudding of MSD-23, the fifth well
in the 13-well infill drilling campaign on the West Gharib
Concession together with the commencement of production from the
recently completed MSD-24 well. With gross production from the
field now reaching 2,150-2,200 bbl/d we are anticipating further
increasing production through the completion of operations at
MSD-20 and the drilling of the eight remaining wells in the
campaign over the next year. I look forward to updating the market
further as the campaign progresses."
About SDX
SDX is an international oil and gas exploration, production, and
development company, headquartered in London, United Kingdom, with
a principal focus on MENA. In Egypt, SDX has a working interest in
two producing assets: a 36.9% operated interest in the South Disouq
and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn
Yunus North gas field in the Nile Delta and a 50% non-operated
interest in the West Gharib concession, which is located onshore in
the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX
has a 75% working interest in four development/production
concessions, all situated in the Gharb Basin. The producing assets
in Morocco are characterised by attractive gas prices and
exceptionally low operating costs. SDX has a strong weighting of
fixed price gas assets in its portfolio with low operating costs
and attractive margins throughout, providing resilience in a low
commodity price environment. SDX's portfolio also includes high
impact exploration opportunities in both Egypt and Morocco.
For further information, please see the Company's website at
www.sdxenergygroup.com or the Company's filed documents at
www.sedar.com .
Standard
Estimates of reserves and resources have been prepared in
accordance with the June 2018 Society of Petroleum Engineers
("SPE") Petroleum Resources Management System ("PRMS") as the
standard for classification and reporting with an effective date of
31 December 2021 and in accordance with National Instrument 51-101
- Standards of Disclosure for Oil and Gas Activities ("NI 51-101")
of the Canadian Securities Administrators.
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, the technical information contained in the
announcement has been reviewed and approved by Dr Rob Cook, VP
Subsurface of SDX. Dr. Cook has 30 years of oil and gas industry
experience and is the qualified person as defined in the London
Stock Exchange's Guidance Note for Mining and Oil and Gas
companies. Dr. Cook holds a BSc in Geochemistry and a PhD in
Sedimentology from the University of Reading, UK. He is a Chartered
Geologist with the Geological Society of London (Geol Soc) and a
Certified Professional Geologist (CPG-11983) with the American
Institute of Professional Geologists (AIPG).
For further information:
SDX Energy Plc
Mark Reid
Chief Executive Officer
Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 203 757 4980
Glossary
"bbl/d" Barrels oil per day
"MD" Measured depth
-----------------------------
"TD" Total depth
-----------------------------
"TVDSS" Total vertical depth sub-sea
-----------------------------
"WI" Working interest
-----------------------------
Forward-looking information
Certain statements contained in this press release may
constitute "forward-looking information" as such term is used in
applicable Canadian securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, or future
events or are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
future drilling developments and results at the Company's West
Gharib concession, and the time in which the Company intends to
update the market on its future results should be regarded as
forward-looking information.
The forward-looking information contained in this document is
based on certain assumptions, and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because SDX can give no assurances that
they may prove to be correct. This includes, but is not limited to,
assumptions related to, among other things, commodity prices and
interest and foreign exchange rates; planned synergies, capital
efficiencies and cost - savings; applicable tax laws; future
production rates; receipt of necessary permits; the sufficiency of
budgeted capital expenditures in carrying out planned activities,
and the availability and cost of labour and services.
All timing given in this announcement, unless stated otherwise,
is indicative, and while the Company endeavours to provide accurate
timing to the market, it cautions that, due to the nature of its
operations and reliance on third parties, this is subject to
change, often at little or no notice. If there is a delay or change
to any of the timings indicated in this announcement, the Company
shall update the market without delay.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward - looking statements. Such risks and other
factors include, but are not limited to, political, social, and
other risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; permitting risks; the ability to access sufficient
capital from internal and external sources; and changes in
legislation, including but not limited to tax laws and
environmental regulations. Readers are cautioned that the foregoing
list of risk factors is not exhaustive and are advised to refer to
the Principal Risks & Uncertainties section of SDX's Annual
Report for the year ended 31 December 2021, which can be found on
SDX's SEDAR profile at www.sedar.com , for a description of
additional risks and uncertainties associated with SDX's
business.
The forward-looking information contained in this press release
is as of the date hereof and SDX does not undertake any obligation
to update publicly or to revise any of the included forward --
looking information, except as required by applicable law. The
forward -- looking information contained herein is expressly
qualified by this cautionary statement.
Oil and Gas Advisory
Certain disclosures in this news release constitute "anticipated
results" for the purposes of NI 51-101 because the disclosure in
question may, in the opinion of a reasonable person, indicate the
potential value or quantities of resources in respect of the
Company's resources or a portion of its resources. Without
limitation, the anticipated results disclosed in this news release
include estimates of volume, flow rate, production rates, porosity,
and pay thickness attributable to the resources of the Company.
Such estimates have been prepared by Company management and have
not been prepared or reviewed by an independent qualified reserves
evaluator or auditor. Anticipated results are subject to certain
risks and uncertainties, including those described above and
various geological, technical, operational, engineering,
commercial, and technical risks. In addition, the geotechnical
analysis and engineering to be conducted in respect of such
resources is not complete. Such risks and uncertainties may cause
the anticipated results disclosed herein to be inaccurate. Actual
results may vary, perhaps materially.
This RNS does not include price sensitive information.
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June 29, 2022 02:00 ET (06:00 GMT)
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