SDX Energy provides update on drilling operations at Ibn Yunus-2 well in Egypt
AIM-listed SDX Energy, the MENA-focused oil and gas company, has provided an update on drilling operations at the Ibn Yunus-2 well in the South Disouq Exploration Permit onshore Nile Delta, Egypt (SDX 55% working interest).
The well was drilled to a measured depth of 8,025 feet, encountering 40.5 feet net-pay of high-quality gas-bearing sands, with an average porosity of 23.4%, near the base of the Kafr El Sheikh (‘KES’) formation. The top of the KES sand was encountered at a measured depth of 6,768 feet. Whilst we still await the well test results in a few weeks’ time, the Company’s expectations are that the IY-2 well can maximise recovery from the Ibn Yunus Field and help maintain current gross production levels of c.45MMscfe/d at the South Disouq Central Processing Facility.
Management expects that the IY-2 well will be tied in via a short flowline to the Ibn Yunus-1X location where an existing flowline connects to the South Disouq Central Processing Facility. The gross cost of this tie-in is estimated at US$0.55 million. A further announcement will be made in the coming weeks on completion of the testing of IY-2.
The drilling rig is now completing the well before moving to the Hanut-1X exploration well for a planned spud early in August 2021 which is targeting gross unrisked mean recoverable volumes of 139bcf with a 33% chance of success.
Mark Reid, CEO of SDX, commented:
‘This is a good result that fully justifies the drilling of the Ibn Yunus-2 well. With only a short tie-in needed, we expect the well to begin to contribute to production by the end of August and we will update the market on testing in the coming weeks. The rig will move to the Hanut-1X location as soon as the Ibn Yunus-2 completion operations are finished, and we look forward to updating the market further on this potentially transformational well.’
(Source: SDX Energy)