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(Sharecast News) - Middle East and North Africa-focussed SDX Energy said on Tuesday that, due to operational issues affecting the drilling of the KSR-19 well and Covid-19 border restrictions impacting the mobilisation of equipment and personnel into Morocco, the current two-well campaign was delayed.
The AIM-traded firm said the campaign began on 18 November and was initially expected to finish at the end of December, but was now not expected to complete until the middle of the first quarter of 2022.
It said it would make a further announcement on the campaign once drilling activities had restarted.
"Whilst this delay is disappointing, we want to take the time necessary to ensure that the operational issues that have been impacting the drilling of KSR-19 are thoroughly dealt with, thus allowing us to safely recommence drilling as soon as possible," said chief executive officer Mark Reid.
At 1529 GMT, shares in SDX Energy were down 10.3% at 7.4p.
3 May 2024 15:50
IN BRIEF: SDX Energy completes drilling operations in Rharb Basin
SDX Energy PLC - London-based energy company with exploration, development and production assets in Egypt and Morocco - Completes drilling operations on the BMK-2 well, located in the Rharb Basin, Morocco. "At 1,265 metres in the Guebbas formation, the well encountered a 9-metre interval, believed to be equivalent to the well's primary target, with strong gas shows up to approximately 100 times background gas readings. The well was drilled to its total depth of 1,412 metres, and has been left temporarily suspended with a plug set to allow the well to be sidetracked, to the target formation at 1,265 metres, once the required equipment has been mobilised," says SDX.
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