Gulf Energy, a private Egyptian oil and gas company, has acquired SDX Energy PLC’s 50% working interest in the late-life, NPIC-operated North West Gemsa license in Egypt’s Eastern Desert.
North West Gemsa is an 83-sq km onshore concession some 300 km southeast of Cairo adjacent to the Gulf of Suez. It consists of three main oilfields: Al Amir SE, Al Ola, and Geyad which produce light 42-degree API oil.
In 2018, a three-well infill drilling program was undertaken together with a seven-well workover program. The gross production target for full-year 2019 was 3,000-3,200 boed.
Gulf Energy paid $3 million for the interest, of which $1.4 million has been used to discharge the SDX’s remaining liabilities on the license.
Elsewhere in Egypt, SDX has a working interest in three producing assets: a 55% operated interest in South Disouq gas field in the Nile Delta, a 50% non-operated interest in the West Gharib concession onshore in the Eastern Desert, and a 12.75% non-operated interest in the South Ramadan concession offshore Gulf of Suez.
