SDX Completes Seismic Survey Onshore Egypt, Initial Data Encouraging
SDX Energy Inc. announced Monday that it has completed the acquisition of 115 square miles of 3D data on the South Disouq asset, located onshore the Nile Delta in Egypt, “safely, under budget and ahead of the anticipated schedule”.
The initial data set from the seismic survey is of “good quality” and “clearly indicates the presence of the prolific Abu Madi trend within the block,” along which large discoveries have been made in recent years, according to a company statement.
Data processing from the acquisition will commence immediately and is anticipated to take three months to complete. SDX Energy 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,” according to a brief research note from FirstEnergy.
“We are delighted that the seismic program has been completed early and we are excited to begin fully processing the data,” said SDX Energy CEO Paul Welch.
“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,” he added.
Despite Welch’s optimistic claims, FirstEnergy stated that market reaction to SDX’s latest news was “neutral”.
SDX’s seismic survey commenced March 16 and was initially expected to take between three and four months to complete. The concession, which SDX holds a 55 percent operated working interest in, contains a mean gross resource estimate of 526 billion cubic feet of gas, according to a company statement.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension