Petroleum Africa
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Wednesday, November 2, 2016
SDX Energy and PICO Petroleum saw EGPC grant them preliminary approval to extend their drilling period on the South Ramadan Concession in Egypt’s Gulf of Suez. Along with the extension the two firms agreed to spend $23 million on investments.
The firms asked for an extension until July 2018 because the elapsed duration since the formation of the JV was not enough to complete drilling activities. Although the official approval was not granted, EGPC gave primary approval to SDX. The company said will accept any new timeframe assigned by EGPC, even if it extends the drilling period until July 2017 only.
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