Petroleum Africa
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Tuesday, January 29, 2019
Pico Oil and SDX Energy encountered oil pay on a well located in the South Ramadan concession offshore Egypt. The South Ramadan Concession is located offshore in the Gulf of Suez. SDX Energy is a 12.75% equity owner in the concession with Pico holding 37.5% and operatorship and GPC holding the remaining 50%.
The partners’ SRM-3 well reached a target depth of 15,635 ft and encountered 75 ft of net conventional oil pay in the Matulla section (primary target), 20 ft of net conventional oil pay in the Brown Limestone formation and a further 15 ft of net conventional oil pay in the Sudr section. The well will be completed in the Matulla section and then tested to establish whether the well will flow at a commercial rate.
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