SDX ENERGY INC SDRYF

SDX up 5% in London Trade

[John99]

TSXV 50's SDX Energy Surges 5% in London Trade as Egypt Well Results Exceed Expectations

07:37 AM EDT, 08/17/2018 (MT Newswires) -- SDX Energy (SDX.V), the North Africa focused oil and gas company, said Friday that the production test results at its SD-3X well at South Disouq, Egypt (SDX 55% working interest and operator) exceeded its expectations. Shares in London have surged more than 5.0% today, while TSXV shares gained more than 1.0% to $0.96 apiece yesterday.

According to a statement, during testing the well produced a 12.02 MMscf of conventional natural gas was produced, according to a statement. CEO Paul Welch said: "The well performed in line with the offsets even with the reduced pay section. We are now very confident that we can achieve the peak rates at the planned facility at South Disouq of 60MMscfd of conventional natural gas with our current well stock. We intend to connect this well to infrastructure located adjacent to our SD-1X discovery over the coming months. We are targeting a late Q4 2018 start-up of production in South Disouq."

The company said in a statement that it has closed the SD-3X well for a pressure build-up of 96 hours, which is currently on-going. At completion of the build-up, the company will retrieve the downhole pressure gauges and suspend the well prior connection to the local production facilities.

Price: 0.96, Change: +0.01, Percent Change: +1.05