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SDX Energy PLC - London-based oil and gas company focused on Egypt and Morocco - Announces spudding of the MSD-24 infill development well on the Meseda field in the West Gharib concession in Egypt.
The spud is targeting the Asl Formation reservoir at around 3,300 feet true vertical depth, and will take around six weeks to drill, complete and tie-in to the existing infrastructure.
Once the well comes online, it is expected to produce around 300 gross barrels per day.
‘I am pleased that we have spud MSD-24, the fourth well in the campaign and that we will now be drilling simultaneously with two good quality rigs,’ says Chief Executive Officer Mark Reid.
‘Now that we have a second rig in operation, the 13-well campaign can be accelerated to allow us to take advantage of the current high oil price. I look forward to updating the market further as the campaign progresses,’ Reid adds.
Current stock price: 8.34 pence
12-month change: down 52%
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