The MSD-21 infill development well on the Meseda field has been spudded, according to SDX Energy Plc, a MENA-focused energy business.
The well is the first in a 12-well development campaign on the Meseda and Rabul oil fields in the Egyptian Eastern Desert's West Gharib concession, with the goal of increasing output from present levels of around 2,400 barrels per day to around 3,500-4,000 barrels per day by early 2023.
Mark Reid, CEO of SDX, said, "In today's higher oil price environment, I am excited to announce the spudding of the first well in a 12 well infill development campaign on our West Gharib oil fields in Egypt. With H1 2021 netback of US$33/bbl at US$65/bbl Brent, West Gharib is currently a very high margin asset in our portfolio and the MSD-21, and subsequent wells, will boost the production and cashflow from these fields in the coming months. I look forward to updating the market further as the campaign progresses."
At about 3,200ftTVDSS, the MSD-21 infill development well on the Meseda Field is targeting the Asl Formation reservoir. The well is expected to take four weeks to drill, complete, and connect to the existing infrastructure.MSD-21, with an expected gross cost to drill and tie in of US$0.9mn-US$1mn, is anticipated to come on-line and produce at around gross 300bbl/d, which would have an