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SDX Energy announces spudding on Meseda field

Industry

SDX Energy, the MENA-focused energy company, has announced the spudding of the MSD-20 infill development well on the Meseda field

This well is the third in a fully funded 13-well development drilling campaign on the Meseda and Rabul oil fields in the West Gharib concession in the Egyptian Eastern Desert. The campaign is aimed at growing production to c.3,500 - 4,000bbl/d by early 2023.

The MSD-20 infill development well on the Meseda Field (SDX: 50% working interest) spud on 5 April 2022 and is targeting the Asl Formation reservoir at approximately 3,180ft TVDSS. It is estimated that the well will take around six weeks to drill, complete and tie-in to the existing infrastructure.

MSD-20, with an expected cost to drill and tie in of US$0.9-US$1mn (gross), is anticipated to come on-line and produce at around 300bbl/d (gross), which would immediately contribute to Group cashflow and result in a payback period of five to six months at current oil prices. The company expects to update the market on its result in mid-May.

Mark Reid, CEO of SDX, commented, “West Gharib is a very high margin asset in our portfolio with a Netback of US$37/bbl at US$71/bbl Brent in FY2021. Given this, it is our intention to execute this 13-well campaign as quickly as possible to significantly boost production and cashflow from these fields. In line with this aim, a second rig has been contracted and is currently on location at the next well, MSD-24, which should be operating soon. I look forward to updating the market further as the campaign progresses.”

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