SDX Energy Inc. Interpretation of 3D Seismic at South Disouq (0396M)
October 10 2016 - 1:00AM
UK Regulatory
TIDMSDX
RNS Number : 0396M
SDX Energy Inc.
10 October 2016
SDX ENERGY INC
("SDX" or the "Company")
10(th) October, 2016
INTERPRETATION OF 3D SEISMIC AT SOUTH DISOUQ
Both gas and oil bearing prospects identified ahead of fully
carried exploration well
SDX Energy Inc. (TSXV, AIM: SDX), the Egypt focused oil and gas
company, is pleased to provide an update on the initial findings
from interpretation of the 300 km(2) of 3D seismic data acquired
over its South Disouq concession in H1 2016. Data processing
commenced in June and the first pass data set (PSTM 3D seismic
volume) was delivered in mid-September. The quality of the data set
surpassed pre-acquisition expectations. This has allowed imaging of
additional horizons that were not included in previous technical
assessments. An initial interpretation has been undertaken with a
view to building a prospect inventory and selecting a location to
drill the initial, fully carried, exploration well.
The South Disouq concession, which SDX operates with a 55%
equity interest, is located in the onshore Nile Delta region, 65km
north of Cairo, within the Abu Madi - Baltim trend that contains
numerous gas and condensate discoveries.
The initial interpretation of the data set has identified
numerous leads and prospects in the Abu Madi section as well as the
overlying Kafr El Sheikh formation, as expected. These gas and
condensate prospects and leads are located in traps similar to
those identified in the offset areas. In addition, early stage
analysis has identified deeper oil-bearing potential in both the
Abu Roash and AEB horizons, which are oil producers in the Western
Desert region of Egypt. These two horizons are located
significantly shallower in South Disouq compared to other areas in
the Nile Delta. Importantly, the Cretaceous and Jurassic source
rocks are anticipated to be in the oil window. Therefore, South
Disouq has the dual benefit of having potential not only in the
primary targets normally found in the Nile Delta, but also in older
horizons that are productive across the Western Desert.
SDX's initial internal assessment of the 3D seismic data has
identified 15 leads and at least two currently drillable gas and
oil bearing prospects. These will now be further interpreted ahead
of the planned drilling campaign, expected to commence in late
2016/early 2017. SDX intends to have an independent third party
auditor verify the internal assumptions and will update the market
further in due course.
Paul Welch, CEO of SDX Energy, commented:
"We are very encouraged by the quality of the data delivered by
our 3D seismic program. Our ability to identify and map
prospectivity at the Abu Madi and deeper Abu Roash and AEB horizons
greatly expands the potential of the concession. We are developing
an excellent prospect inventory within the concession and are
excited by the potential of the forthcoming drilling campaign to
test for not only the established gas potential in the area but
also for oil. Identifying these Western Desert producing horizons
within the oil window in South Disouq is fantastic news. I look
forward to reporting on our progress to develop this newly
identified potential in future periods."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on Egypt. In Egypt, SDX has an interest in two
production concessions: North West Gemsa and West Gharib (Meseda)
both located in the Eastern Desert. SDX's portfolio also consists
of South Ramadan, a development asset in the Gulf of Suez; South
Disouq, an exploration asset in the Nile Delta. For further
information, please see the website of the Company at
www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Executive Mark Reid
Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe
(Nominated Adviser &
Joint Broker)
Sarah Wharry/Craig Francis
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint
Broker)
Jonathan Wright/David
van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme / Jimmy
Lea
Tel: +44 207 520 9260
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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