Results from a drilling operation announced Thursday in the Gulf of Suez could dictate the next steps for oil exploitation, regionally-focused SDX Energy said. SDX announced the start of an appraisal well, designated SRM-3, at the South Ramadan basin in the Egyptian waters of the Gulf of Suez. Drilling should last up to 90 days. “The SRM-3 well is the last remaining commitment well on the South Ramadan concession,” the company stated. “Based upon the results of this well the company will decide how best to optimize its position in the license.” The company is well funded with zero debt and on pace to double its production from its North African portfolio by the end of the year. A relatively minor producer, SDX […]