SDX Energy announces spudding of HA-1X well in Egypt

oil rig EgyptSDX Energy, the MENA-focused energy company, has announced the spudding of the Hanut-1 exploration well (HA-1X), the second well in the Company's 2021 two-well drilling campaign in South Disouq following the successful IY-2 well announced in July

The HA-1X exploration well on the Hanut prospect spudded on 4 August. HA-1X is targeting a Basal Kafr El Sheikh prospect at approx. 5,200 feet TVDSS. The Hanut prospect is estimated to contain gross unrisked mean recoverable volume of 139bcf (23.2 million boe) with a 33% chance of success.

SDX has a 55% working interest in the well and the company's audited working interest 2P reserves as at 31 December 2020 equated to 11.1 million boe. The well is expected to take approximately one month to drill, and the Company will update the market on completion of drilling (and if successful, testing) operations.

Mark Reid, CEO of SDX, said, “After our previous successful campaigns at South Disouq where we have achieved six discoveries from eight wells drilled, most recently at IY-2, I am excited to announce the spudding of the potentially transformational HA-1X exploration well on our Hanut prospect.”

Reid further added, “With gross unrisked mean prospective resources of 139bcf (23.2 million boe) it is significantly larger than previous prospects and has the potential to materially increase the reserves of the Company if successful. We look forward to updating the market further as the well progresses.”


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