SDX Energy PLC - London-based oil and gas company - Spuds the SAK-1 exploration well at the Lalla Mimouna Sud concession in Morocco. The well is 75% owned by SDX Energy and is the first in a two well campaign on the Gharb Basin acreage in Morocco.
"The objective of this well is to add reserves to allow us to continue supplying gas to our customers in line with their contractual requirements. Success at SAK-1 would also open a new exploration area for us to the west of our existing production hub, with several follow-up prospects already having been identified," says Chief Executive Mark Reid.
Company says it is considering a further three wells for acceleration in the final quarter of 2022 and the first quarter of 2023. This, it says, will be dependent on the results of the third quarter campaign and customer demand.
Current stock price: 9.51 pence, down 2.5% in London on Thursday
12-month change: down 34%
By Heather Rydings; heatherrydings@alliancenews.com
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