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(Alliance News) - SDX Energy PLC on Monday said it has renegotiated a gas sales agreement with one of its key customers in Morocco, resulting in it receiving a higher gas price for production from May 1.
The Egypt and Morocco-focused energy company said the price increase of the renegotiated agreement will allow it to expand its exploration and production in Morocco.
Morocco remains a core focus for SDX Energy and permitting for a summer drilling campaign in the country has already begun.
"We are delighted that we have been able to renegotiate the gas sales agreement with one of our key customers and would like to thank [the Office National des Hydrocarbures et des Mines] for its continued support. Morocco remains a core area for us and we endeavour to expand our energy provider footprint in the country," said Interim Chair Jay Bhattacherjee.
Shares in SDX Energy jumped 8.2% to 5.30 pence on Monday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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