South Ramadan well proves oil, drilling continues

SDX Energy says the SRM-3 appraisal well on the South Ramadan concession in the Gulf of Suez offshore Egypt has found oil.

Operator Pico (SDX has a 12.75% interest) reported encountering 75 feet (23 metres) of net conventional oil pay in the main Matulla section target; 20 feet (6.1 metres) of net conventional oil pay in the Brown Limestone formation; and a further 15 feet (4.6 metres) of net conventional oil pay in the Sudr section.

After the well has been completed in the Matulla section a test will follow to determine whether commercial flow rates are possible.

South Ramadan is 3.1 miles (five kilometres) south-east of the 550-MMbbl Ramadan oil field, and 3.7 miles (six kilometres) north-west of the 1.5-Bbbl Morgan field, both of which produce light oil from Lower Cretaceous Nubia sandstones.

Source: Offshore Magazine