SDX Energy expects to soon conclude a commercial evaluation of the South Ramadan development concession in the Gulf of Suez offshore Egypt.
It follows approval this summer of an extension to the drilling commitment by the General Petroleum Co. until October 2018.
SDX has assessed the prospectivity of the area and completed development plans.
Once it has finished its commercial evaluation it expects to hold a meeting with the authority to discuss the way forward in the concession.
The 26.2-sq km (10.1-sq mi) South Ramadan concession, in 27 m (88.6 ft) of water, contains two proven productive horizons in the Eocene age Thebes and Senonian age Matulla carbonates.
Its location is between the 550-MMbbl Ramadan oil field 5 km (3 mi) to the northwest, and the 1.5-Bbbl Morgan field 6 km (4 mi) to the southeast, both of which produce light oil from Lower Cretaceous age Nubia sandstones.