Operations Update – 3D Seismic at South Disouq
SDX Energy Inc. provides an update on its activities at its South Disouq asset located onshore Nile Delta Egypt.
Further to the announcement on 16 March 2016 regarding the commencement of a 3D seismic programme at the Company’s South Disouq asset where SDX has a 55% equity interest and is operator, SDX is pleased to confirm that the seismic acquisition programme has been completed as of 12 June 2016. The programme consisted of the acquisition of 300 km2 of 3D data and has been completed safely, under budget and ahead of the anticipated schedule.
The initial data set is of good quality and clearly indicates the presence of the prolific Abu Madi trend within the block. Data processing will commence immediately and is anticipated to take 3 months to complete. The Company intends to use the processed data to build a prospect inventory with a view to selecting a location for a fully carried exploration well, which is anticipated to be drilled in late 2016.
Paul Welch, CEO, commented;
“We are delighted that the seismic programme has been completed early and we are excited to begin fully processing the data. The initial data set is of high quality and shows evidence on our block of the Abu Madi trend, along which operators have made large commercial discoveries in recent years. Additionally, this new data has allowed us to image deeper stratigraphy much better than originally anticipated which opens up a new range of potential targets within the block, several of which may be oil bearing. Whilst our principal strategic focus is on generating profitable cash flow via our high-margin producing assets, exploration represents an important part of our growth strategy and we look forward to drilling this high impact and carried exploration well later this year.”
(SDX Energy Press Release)