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SDX in Talks on Egypt Farmout

UK-based SDX and Dallas-based partner IPR Energy in the South Disouq concession onshore Egypt’s Nile Delta have agreed on the target and location for an exploration well there. This followed interpretation of data over the past month that resulted in several Abu Madi and Kafr El Sheikh prospects on the concession being "high-graded" for drilling in the near term. 

Drilling is set to start by early 1Q 2017 on one of these, said SDX. 

SDX, which operates the concession with 55% equity, also confirmed November 14 that “it has received enquiries from a number of operators regarding farming in to the licence.” IPR has the remaining 45% interest.

SDX said that it is fully carried on its remaining obligations in the licence but “has agreed to let selected companies submit proposals to acquire an interest in the concession. These discussions are ongoing and SDX will update the market as appropriate.”

SDX's Egyptian licences (Map credit: SDX)

In other news, Sterling Energy is continuing to hold discussions on exiting the Chinguetti oilfield off Mauritania where production is running out, while separately discussing where to drill its required one exploration well in offshore block C-10. The well must be drilled by end-November 2017 or else partners must pay the Mauritanian government a penalty of $7.5mn ($1.1mn net to Sterling).

Elsewhere Sterling said its previously announced surrender of its 100% Ntem licence offshore Cameroon is due to take effect next month, while 2D seismic in the Genel-operated 22,840-km² onshore Somaliland in which Sterling is a partner is scheduled to begin in 1H 2017.

Three of Sterling's non-executive board members resigned with immediate effect after the Q3 results, owing to strategic differences over the future of the company. the company said. That leaves just the CEO Eskil Jersing, and non-executive director Michael Kroupeev of Waterford, Sterling's largest shareholder, on the board. Sterling made a post-tax loss of $420,000, a quarter of 2015's Q3 loss of $1.6mn.

Mark Smedley