StockMarketWire.com - SDX Energy said an oil discovery had been made on a concession in Egypt in which it held a 50% stake.

The Rabul-7 development well in the West Gharib concession, which was was drilled to a total depth of 5,323 feet, encountered around 134 feet of net heavy oil pay, with an average porosity of 18%.

The well was completed as a producer, connected to the central processing facilities at Meseda and brought on-line at an average stabilised rate over five days of around 415 barrels per day.

'We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib concession and to achieve further drilling success in this area of the concession,' interim chief executive Mark Reid said.

'The well was brought online in a timely and cost efficient manner and will provide further support to our FY 2019 production guidance for this asset of gross 4,000-4,200 bbl/d.'




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