SDX Energy expands presence in Morocco

(Sharecast News) - North Africa focused oil and gas company SDX Energy has increased its presence in Morocco with the awards of the Moulay Bouchta Ouest and Lalla Mimouna Sud licenses.SDX was awarded the Moulay Bouchta Ouest exploration licence for a period of eight years and has a commitment to reprocess 150 kilometres of 2D seismic data, acquire 100 km2 of new 3D seismic and drill one exploration well within the first three-and-a-half-years of the award.Over at Lalla Mimouna Sud, the AIM-listed outfit was re-awarded the 857 km2 licence for a further eight years.The Lalla Mimouna permit was part of the original group of concessions that SDX picked up as part of its acquisition of Circle Oil in 2017.The concession expired after all SDX's work commitments had been fulfilled. However, the group reapplied for the acreage after the acquisition of additional 3D seismic in the area.Chief executive Paul Welch said: "Both of these permits offer significant underexplored hydrocarbon potential and are located adjacent to our existing operations and infrastructure, so can be tied into our facilities quickly.""With the addition of these new permits, we will be able to further grow our reserves and production base in Morocco, and generate significant value for our stakeholders, as we look to build upon our market leading position in country."As of 0915 GMT, SDX shares were up 1.53% at 39.85p.