SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, is pleased to announce that it has achieved its targeted stabilised plateau production rate of 50 MMscfe/d from its operated South Disouq concession (SDX: 55% working interest) in Egypt approximately three months earlier than initially expected.
Gas has been flowing through the South Disouq Central Processing Facility ("CPF") since 7 November 2019 with all four discovery wells and the CPF performing as expected.
All gas production is sold to the Egyptian national gas company, EGAS, at a fixed price of US$2.85/Mcf, with the Government of Egypt's entitlement share of gross production equating to approximately 51%.
Mark Reid, CEO of SDX, commented:
"We are very pleased to announce that we have achieved our stabilised production guidance of 50 MMscfe/d approximately three months ahead of our original target date. The performance to date of the CPF and the four wells has exceeded our expectations and, with the commencement of our South Disouq drilling campaign in Q1 2020, we are looking forward to an exciting period of activity in this concession."