- Oil producer SDX Energy said it had made a commercial discovery in Egypt.

The SD-12X well in the onshore South Disouq exploration permit encountered 108 feet net of high-quality gas-bearing sands, having been drilled to a depth of 7,245 feet.

The company said its best estimate was that the well had encountered about 24bn cubic feet equivalent of recoverable gas and condensate resources.

That was significantly in excess of the minimum commercial volume of around 8 bcfe.

The drilling rig was now completing the well and preparing for testing in the coming weeks.

An announcement concerning the results of the testing of SD-12X would be made in due course.

At 1:33pm: [LON:SDX] SDX Energy Inc. share price was +1.5p at 14.5p

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