SDX Energy strikes oil in Egypt

SDX Energy has made an oil discovery in the West Gharib concession in Egypt, the North Africa-focused E&P company said on Thursday.

The Rabul-2 well struck about 31 metres of net heavy oil-bearing layers, building on the discovery of the Rabul-1 well, which encountered around 4.4 metres of oil pay in July.

“This was our final commitment well in the West Gharib concession and we are encouraged by the result, which reaffirms our view of the area’s significant development potential,” Paul Welch, the president and CEO of the company, said in a statement.

“The well came in ahead of expectations, based upon the results of the offset Rabul-1 location. The ultimate potential in this new Bakr structure is currently under review and will be better understood once the well is completed and tested.”

SDX Energy is the co-operator of the West Gharib concession with a 50% stake in it. Its partner there is Dublin International Petroleum, which also owns a 50% interest in the licence.