SDX Energy Inc. has discovered oil at its Rabul 5 well in the West Gharib Concession in Egypt (SDX 50% working interest and joint operator), the company said on March 14.
The well was drilled to 5,280 ft (1,609 m) total depth and encountered approximately 151 ft (46 m) of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 18%. Further evaluation of the discovery is ongoing, after which the company expects the well to be completed as a producer and connected to the central processing facilities at Meseda.
Following completion of the Rabul 5 well the company will move on to the Rabul 4 location, the second of two appraisal wells planned for the Rabul feature this year.
“This well encountered the thickest section of pay sands seen in the Rabul area to date, demonstrating the significant oil potential contained within the license,” Paul Welch, SDX’s president and CEO, said.
“We have further drilling activity planned for the concession over the coming months and we firmly believe that these activities will enable us to increase output from the license and achieve our ambitious production plans for 2018.”
Recommended Reading
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Life on the Edge: Surge of Activity Ignites the Northern Midland Basin
2024-04-03 - Once a company with low outside expectations, Surge Energy is now a premier private producer in one of the world’s top shale plays.
CEO Darren Woods: What’s Driving Permian M&A for Exxon, Other E&Ps
2024-03-18 - Since acquiring XTO for $36 billion in 2010, Exxon Mobil has gotten better at drilling unconventional shale plays. But it needed Pioneer’s high-quality acreage to keep running in the Permian Basin, CEO Darren Woods said at CERAWeek by S&P Global.
Analysts: Why Are Investors Snapping Up Gulfport Energy Stock?
2024-02-29 - Shares for Oklahoma City-based Gulfport Energy massively outperformed market peers over the past year—and analysts think the natural gas-weighted name has even more upside.