THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED
BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE
MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
LONDON, June 26, 2019 /CNW/ - SDX Energy plc (AIM: SDX),
the North Africa focused oil and
gas company, is pleased to announce that an oil discovery has been
made at its Rabul-7 development well in the West Gharib Concession
in Egypt (SDX 50% Working Interest
& Joint Operator).
The well was drilled to a total depth of 5,323 feet and
encountered approximately 134 feet of net heavy oil pay across the
Yusr and Bakr formations, with an average porosity of 18%.
The well was completed as a producer, connected to the central
processing facilities at Meseda and brought on-line at an average
stabilised rate over five days of approximately 415 bbl/d
(gross).
Mark Reid, CFO and Interim CEO
of SDX, commented:
"We are pleased to have made an oil discovery at our Rabul-7
well, in the West Gharib Concession and to achieve further drilling
success in this area of the Concession. The well was brought
online in a timely and cost efficient manner and will provide
further support to our FY 2019 production guidance for this asset
of gross 4,000-4,200 bbl/d. Another development well is
planned for the Concession in H2'19. The final location of this
well is dependent on government approvals and we will update the
market on this in due course."
Competent Persons Statement
In accordance with
the guidelines of the AIM Market of the London Stock Exchange the
technical information contained in the announcement has been
reviewed and approved by Rob Cook,
VP Subsurface of SDX. Dr Cook, has over 25 years of oil and gas
industry experience, is the qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
companies. Dr Cook holds a BSc in Geochemistry and a PhD in
Sedimentology from the University of Reading, UK. He is a Chartered Geologist with
the Geological Society of London
(Geol Soc) and a Certified Professional Geologist (CPG-11983) with
the American Institute of Professional Geologists (AIPG).
Forward‐Looking Information
Certain statements contained in this press release may
constitute "forward‐looking information" as such term is used in
applicable Canadian securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
the West Gharib Concession FY 2019 production guidance, the
timing of the second development well and obtaining government
approvals should be regarded as forward-looking information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurances that they may prove to be correct. This includes, but is
not limited to, assumptions related to, among other things,
commodity prices and interest and foreign exchange rates; planned
synergies, capital efficiencies and cost‐savings; future production
rates; receipt of necessary permits; the sufficiency of budgeted
capital expenditures in carrying out planned activities; and the
availability and cost of labour and services.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward‐looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; permitting risks; ability to access sufficient capital
from internal and external sources; and changes in legislation,
including but not limited to tax laws and environmental
regulations. Readers are cautioned that the foregoing list of risk
factors is not exhaustive and are advised to reference SDX's
Management's Discussion & Analysis for the three months ended
March 31, 2019, which can be found on
SDX Energy Inc.'s SEDAR profile at www.sedar.com, for a
description of additional risks and uncertainties associated
with SDX's business, including its exploration activities.
The forward‐looking information contained in this press release
is as of the date hereof and the Company does not undertake any
obligation to update publicly or to revise any of the included
forward‐looking information, except as required by applicable law.
The forward‐looking information contained herein is expressly
qualified by this cautionary statement.
Oil and Gas Advisory
Certain disclosure in this news release constitute "anticipated
results" for the purposes of National Instrument 51-101 –
Standards for Oil and Gas Activities of the Canadian
Securities Administrators because the disclosure in question may,
in the opinion of a reasonable person, indicate the potential value
or quantities of resources in respect of the Company's resources or
a portion of its resources. Without limitation, the anticipated
results disclosed in this news release include estimates of volume,
production rates, porosity and pay thickness attributable to the
resources of the Company. Such estimates have been prepared by
management of the Company and have not been prepared or reviewed by
an independent qualified reserves evaluator or auditor. Anticipated
results are subject to certain risks and uncertainties, including
those described above and various geological, technical,
operational, engineering, commercial and technical risks. In
addition, the geotechnical analysis and engineering to be conducted
in respect of such resources is not complete. Such risks and
uncertainties may cause the anticipated results disclosed herein to
be inaccurate. Actual results may vary, perhaps materially.
SOURCE SDX Energy Inc.