SDX Finds Gas Onshore Egypt

SDX Energy has announced a gas discovery with its SD-1X well onshore Egypt.

The Toronto and AIM-listed independent said the discovery was made at its initial target depth, and that it is now continuing to drill to a lower horizon.

SDX said the well is at its South Disouq concession, where it holds a 55% equity interest and is operator, in the Nile Delta area and has reached a total depth of 7,777 ft to date.

It encountered a 65 foot net pay section with an average porosity of 25%, which it said was in line with pre-drill estimates. Additional evaluation work is currently underway to provide an accurate recoverable volume estimate which will be the subject of a subsequent release.

SDX's operations in Egypt (Map credit: the company) 

North Africa-focused SDX has a working interest in two producing assets (50% North West Gemsa and 50% Meseda) located onshore Egypt’s Eastern Desert adjacent to the Gulf of Suez, and a 75% working interest in the Sebou concession onshore Morocco. It is also exploring South Disouq in Egypt and Lalla Mimouna in Morocco.

Independent Resources turns back on Egypt, Italy, maybe Tunisia

Separately, another AIM-listed firm Independent Resources -- to be re-named Echo Energy plc -- said April 18 it no longer sees significant value in its Italian and Egyptian assets and has already therefore begun preparations to exit those positions, subject to any necessary shareholder approvals, adding that its "Tunisian portfolio remains under review." Instead IR said it plans to "pursue a South and Central American regional exploration strategy focused on multi Tcf, low cost, onshore gas piped to high value, growing markets", citing the gas-import dependent and historically under-invested "major markets of Brazil and Argentina" as examples. James Parsons, CEO of the successful Morocco explorer Sound Energy, joined IR as its new non-executive chairman on March 6, along with other Sound directors.

Sound Energy meanwhile said April 18 that the Saipem rig used to drill its latest Tendrara well (TE-8) and discovery in eastern Morocco has now been mobilised to its Sidi Moktar 2,700km² block in the Essaouira basin of central Morocco. 

Mark Smedley