It is evaluating project economics and has requested an extension from the government to complete its drilling commitment. Drilling, if approved, could start in early 2018.
The 26.2-sq km (10.1-sq mi) concession is in 27 m (88.6 ft) of water, between the 550-MMbbl Ramadan field, 5 km (3.1 mi) to the northwest, and the 1.5-Bbbl Morgan field, 6 km (3.7 mi) to the southeast. Both produce light oil from Lower Cretaceous Nubia sandstones.
South Ramadan contains two proven productive horizons in Eocene Thebes and Senonian Matulla carbonates.
SDX Energy is a 12.75% equity owner, with Pico holding 37.5% as operator and GPC the remaining 50%.
