SDX hails drilling successes in Morocco
London-listed SDX Energy announced on June 28 it had completed the first three wells of its five-well drilling campaign for 2021 in Morocco, declaring all three boreholes to be successes.
The three wells were drilled at SDX's Gharb basin acreage, in which the company has a 75% operating interest. SDX kicked off the campaign in late April, a month behind schedule.
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The first well OYF-3 reached its target depth of 1,183 m on May 11, encountering a 5.2-m net gas sand at its main Guebbas reservoir target and a 1.7-m net gas sand in a secondary zone. The second well, KSR-17, reached its 1,848-m target depth on May 27 and struck into a 5.3-m net gas sand in the main Hoot reservoir. Both wells have been tested, hooked up and are now in production, SDX said.
The third well KSR-18 reached its 1,905-m target depth on June 14 and found a 3.8-m net gas sand in the shallower Mid Guebbas target and a 13.9-m net gas sand in the main Hoot target. It also encountered a 5.5-m net gas sand in the Base Guebbas. That well is also expected to provide extra gas flow.
SDX said the second phase of its Moroccan drilling campaign would start in either September or October.
"The OYF-3, KSR-17 and KSR-18 wells in Morocco were all commercial successes, and OYF-3 and KSR-17 are already connected and producing into our infrastructure,” SDX CEO Mark Reid commented. “We expect KSR-18 to be tested and connected in the next two weeks.”
The wells have added 1.5-1.6bn ft3 in gross reserves, Reid said, in line with pre-drill P50 estimates. "It is anticipated that this will enable us to continue to deliver gas to our customers in line with their contractual requirements," he said.
SDX also plans to spud the IY-2 development well at its flagship South Disouq field in Egypt in the coming days, the CEO continued. He also said that planning for "the potentially transformational" HA-1X exploration well south of the field had "significantly progressed, with spud expected in Q3 2021."
"This gross 139bn ft3 prospective target, which has a 33% chance of success, has the potential to significantly transform the resource profile of the company," Reid said.
SDX also expects to start a four-well campaign at the West Gharib concession in Egypt's Eastern Desert region adjacent to the Gulf of Suez, he said. "I look forward to updating the market in the coming months on what is looking to be a very busy and exciting period of activity."
SDX has a 55% operating stake in South Disouq, and a 50% non-operated interest in West Gharib.