LONDON, March 16, 2016 /CNW/ - SDX Energy Inc. ("SDX") (TSX VENTURE: SDX) is pleased to provide an update on its activities at its South Disouq asset located onshore Nile Delta Egypt.
Further to the announcement on 10 November 2015, regarding the signing of contract for the seismic acquisition of 300km2 of 3D data on the South Disouq concession (SDX 55% WI), the Company announces that the programme has commenced.
The seismic acquisition programme is expected to take approximately three months after which a 3-4 month period of processing and interpretation will be undertaken. The data obtained through this programme will be used to determine the prospectivity on the block followed by the selection of a location for a high impact exploration well forecast to be drilled in Q4 2016.
Commenting on this update, Paul Welch, CEO, said:
"We are pleased to report that this programme is underway and look forward to receiving the high quality data-set that it will generate. This data will be used by our technical team to quantify the block potential and then to identify a location for our high impact exploration well, which we are anticipating will be drilled towards the end of this year. For SDX this concession contains company-making potential with a Mean gross resource estimate currently being 526 BCF. We believe the 3D seismic will significantly de-risk the potential of the block based upon the success our peers have seen within this prolific Abu Madi-Baltim trend where our acreage is located.
This year represents a highly active and potentially transformational period for SDX with the two significant catalysts of the Manatee-1 exploration well in Cameroon, where we are expecting results in late March/early April, and the drilling of the South Disouq well in Q4'16. Alongside these events, we continue to focus on growing our low cost production from NW Gemsa and Meseda where we have already reported positive progress in our announcement on 8 February. I look forward to updating our shareholders on the results of this program and our other activities in due course."
SDX is an international exploration, production and development company, headquartered in London, England, UK, with a principal focus on Egypt. In Egypt, SDX has an interest in two production concessions: NW Gemsa and West Gharib both located in the Eastern desert. SDX's portfolio also consists of South Ramadan, a development asset in the Gulf of Suez; South Disouq, an exploration asset in the Nile Delta; and Bakassi West, an exploration block in Cameroon within the prolific Niger Delta Basin. For further information please see the website of the Company at www.sdxenergy.com or the Company's filed documents at www.sedar.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, in any province or territory of Canada or in any other jurisdiction.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
SOURCE SDX Energy Inc.
For further information: SDX Energy Inc., Paul Welch, President and Chief Executive Officer, Tel: +44 203 219 5640; Mark Reid, Chief Financial Officer and Director, Tel: +44 203 219 5640; Buchanan (PR), Ben Romney/Madeleine Seacombe, Tel: +44 207 466 5000