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Thursday, January 23, 2020
At South Disouq in Egypt, SDX Energy continues preparations for two exploration wells targeting the same horizons encountered in the company’s four discoveries to date. SDX’s share of these well costs is estimated at $4.0 million in total and this is fully funded from its existing cash resources.
The first well, Salah, which is expected to spud in mid/late February and complete in April 2020, is targeting a gross unrisked P50 prospect of 71 bcfe (Company estimate). The second well, Sobhi, which is expected to spud in late April/early May and complete in early June, is targeting a gross unrisked P50 prospect of 33 bcfe (Company estimate).
If successful, these two wells would require short, 8.0 kilometer and 5.8 kilometer, tie-ins to the South Disouq Central Processing Facility (“CPF”) with SDX’s share of the tie-in cost estimated at US$2.5 million and $1.9 million respectively.
The company is reviewing a number of development concepts depending on the size of any discovery that is made. To fully produce the gross unrisked P50 prospect of 71 bcfe targeted in the first well, two further development wells are likely to be required. With the gross unrisked P50 prospect of 33 bcfe targeted in the second well, only one further development well would be required.
Depending on partnering discussions, a third South Disouq well targeting deeper prospectivity in a potential new play fairway may be drilled later in 2020.
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