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Sunday, November 15, 2015
SDX Energy (formerly Sea Dragon Energy) signed a contract with Geofisyka Torun for the acquisition of 300 sq km of 3D seismic data. The seismic program is expected to take approximately eight months to acquire and reprocess. SDX plans to use the acquired data to identify and select a prime prospect on the South Disouq concession in Egypt, with a view to drilling a high impact exploration well in December 2016.
The South Disouq concession, which SDX operates with 55% working interest, was acquired in an EGAS licensing round. The concession lies in the prolific Abu Madi-Baltim trend which has produced a number of large discoveries.
Preliminary interpretation to date by SDX and its partner IPR indicates a trendology of this belt into South Disouq.
The gross cost of the seismic acquisition program is expected to be approx. $11 million. The cost of the acquisition program will be covered respectively by each partner according to working interest, after which SDX will be fully carried on the exploration well.
Paul Welch, CEO of the company said “The commencement of this program represents the start of a highly active and potentially transformational period of operational activity for SDX. Between now and the end of 2016, we have the opportunity to drill up to 3 high impact exploration wells across our balanced portfolio whilst also focusing on increasing production from our low cost producing assets onshore Egypt.
We are very excited about the potential of the South Disouq concession given the number of significant discoveries made along the trend and anticipate that this 3D seismic program will prove that this prolific trend extends into our block, thereby significantly de-risking our exploration well currently planned for late 2016.
We are also pleased to be acquiring this survey against current industry backdrop as we were able to obtain this seismic program at a reduced cost when compared with the figure originally budgeted.”
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