SDX Energy PLC Oil discovery at Rabul-7 Well, Egypt (4122D)
June 26 2019 - 1:00AM
UK Regulatory
TIDMSDX
RNS Number : 4122D
SDX Energy PLC
26 June 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
26 June 2019
SDX ENERGY PLC
("SDX" or the "Company")
Oil discovery at Rabul-7 Well, West Gharib Concession, Egypt
SDX Energy plc (AIM: SDX), the North Africa focused oil and gas
company, is pleased to announce that an oil discovery has been made
at its Rabul-7 development well in the West Gharib Concession in
Egypt (SDX 50% Working Interest & Joint Operator).
The well was drilled to a total depth of 5,323 feet and
encountered approximately 134 feet of net heavy oil pay across the
Yusr and Bakr formations, 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 approximately 415 bbl/d (gross).
Mark Reid, CFO and Interim CEO of SDX, commented:
"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. 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. Another development well is planned for the
Concession in H2'19. The final location of this well is dependent
on government approvals and we will update the market on this in
due course."
For further information:
SDX Energy plc
Mark Reid
Chief Financial Officer and Interim
Chief Executive Officer
Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint
Broker)
Callum Stewart/Nicholas Rhodes/Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Cantor Fitzgerald Europe (Joint Broker)
David Porter
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/Jimmy Lea/Ollie Mills
Tel: +44 207 520 9261
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the
London Stock Exchange the technical information contained in the
announcement has been reviewed and approved by Rob Cook, VP
Subsurface of SDX. Dr Cook, has over 25 years of oil and gas
industry experience, is the qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
companies. Dr Cook holds a BSc in Geochemistry and a PhD in
Sedimentology from the University of Reading, UK. He is a Chartered
Geologist with the Geological Society of London (Geol Soc) and a
Certified Professional Geologist (CPG-11983) with the American
Institute of Professional Geologists (AIPG).
Forward--Looking Information
Certain statements contained in this press release may
constitute "forward--looking information" as such term is used in
applicable Canadian securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
the West Gharib Concession FY 2019 production guidance, the timing
of the second development well and obtaining government approvals
should be regarded as forward-looking information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurances that they may prove to be correct. This includes, but is
not limited to, assumptions related to, among other things,
commodity prices and interest and foreign exchange rates; planned
synergies, capital efficiencies and cost--savings; future
production rates; receipt of necessary permits; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
and the availability and cost of labour and services.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward--looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; permitting risks; ability to access sufficient capital
from internal and external sources; and changes in legislation,
including but not limited to tax laws and environmental
regulations. Readers are cautioned that the foregoing list of risk
factors is not exhaustive and are advised to reference SDX's
Management's Discussion & Analysis for the three months ended
March 31, 2019, which can be found on SDX Energy Inc.'s SEDAR
profile at www.sedar.com, for a description of additional risks and
uncertainties associated with SDX's business, including its
exploration activities.
The forward--looking information contained in this press release
is as of the date hereof and the Company does not undertake any
obligation to update publicly or to revise any of the included
forward--looking information, except as required by applicable law.
The forward--looking information contained herein is expressly
qualified by this cautionary statement.
Oil and Gas Advisory
Certain disclosure in this news release constitute "anticipated
results" for the purposes of National Instrument 51-101 - Standards
for Oil and Gas Activities of the Canadian Securities
Administrators because the disclosure in question may, in the
opinion of a reasonable person, indicate the potential value or
quantities of resources in respect of the Company's resources or a
portion of its resources. Without limitation, the anticipated
results disclosed in this news release include estimates of volume,
production rates, porosity and pay thickness attributable to the
resources of the Company. Such estimates have been prepared by
management of the Company and have not been prepared or reviewed by
an independent qualified reserves evaluator or auditor. Anticipated
results are subject to certain risks and uncertainties, including
those described above and various geological, technical,
operational, engineering, commercial and technical risks. In
addition, the geotechnical analysis and engineering to be conducted
in respect of such resources is not complete. Such risks and
uncertainties may cause the anticipated results disclosed herein to
be inaccurate. Actual results may vary, perhaps materially.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRFAMLTMBJTBML
(END) Dow Jones Newswires
June 26, 2019 02:00 ET (06:00 GMT)
Sdx Energy (LSE:SDX)
Historical Stock Chart
From Apr 2024 to May 2024
Sdx Energy (LSE:SDX)
Historical Stock Chart
From May 2023 to May 2024