(Alliance News) - SDX Energy PLC on Monday announced plans to expand its drilling operations in Morocco in 2023, following two discoveries at the recently completed SAK-1 AND KSR-20 wells.
Over 70 prospects have been identified on Moroccan acreage through 3D seismic coverage, of which 25 have been high-graded.
The SAK-1 well has already been connected to SDX's infrastructure, with testing results indicating its place volumes to be around 0.44 billion cubic feet.
The well has also reportedly opened up a new production area to the northwest of its historical producing area.
"In addition to opening a new play fairway with numerous follow-on drillable targets, the wells will contribute immediately to production and revenue growth in an area where demand and gas pricing is robust. Morocco remains a key area of potential growth for SDX and we look forward to planning further drilling in 2023," said Chief Executive Officer Mark Reid.
Shares in SDX Energy fell 0.1% to 8.74 pence in London on Monday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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