SDX reports Egypt find

LONDON, January 14, 2019 – Pico Group has discovered oil offshore Egypt, partner SDX Energy announced on Monday.

The SRM-3 well in the South Ramadan licence encountered about 33.5 metres of net oil deposits, the company statement added. Pico operates the Gulf of Suez concession with a 37.5% interest, alongside NOC General Petroleum Company (50%) and SDX (12.5%).

“The reservoir sections encountered in the SRM-3 well are encouraging and we look forward to seeing how this interval performs when tested, as this will provide additional insight on the volume potential of the section,” Paul Welch, the CEO of SDX, said.