(Alliance News) - SDX Energy PLC on Monday said it has commenced drilling the Ksiri-21 well in Sebou Central of the Gharb Basin, Morocco.
SDX is a London-based energy company, which currently has a portfolio of exploration, development and production assets in Egypt and Morocco. Its shares were up 4.1% to 4.11 pence each in London on Monday morning.
The vertical development well will be drilled to a planned total depth of approximately 1,950 metres.
"Using existing 3D seismic, the well is targeting a well-defined prospect within the main Hoot formation, which is the main producing sand in the area. SDX has drilled over 20 production wells in the same basin. As such, this new well presents a low-risk step-out location," SDX said.
The company added that the well can be immediately brought into production.
Managing Director Daniel Gould said: "Commencement of drilling signifies an early milestone in SDX's new roadmap in Morocco, which the company will present imminently. As part of re-energising the company's upstream production, we will assess the feasibility of drilling additional wells, back to back. This type of programme would reduce capex per well, ensure operational efficiency, and prove sufficient reserves of 'gas-behind-pipe' to meet both existing and future demand."
By Sophie Rose, Alliance News reporter
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