Last checked at 3 Apr 2024 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
3 April 2024
SDX ENERGY PLC ("SDX" or the "Company")
SPUD OF BMK-2 WELL
SDX is pleased to announce that it has commenced drilling the Beni Malek-2 well ("BMK-2") in the Rharb Basin, Morocco, approximately 1.5km from the BMK-1 discovery well. The BMK-2 well will be drilled to a planned depth of approximately 1,470 metres and is targeting three stacked reservoirs in the Guebbas formation, which have been identified using 3D seismic.
This well follows the success of the KSR-21 well drilled in September 2023 and is part of an ongoing drilling campaign in Morocco. If BMK-2 is a success, the well will be completed and tied-in for production as quickly as possible, to supplement existing production and, in particular, provide to CITIC Dicastal, which is the Company's largest offtaker and has an immediate and increasing demand for SDX's gas.
In Morocco, the Company is the sole independent gas producer and has ambitions to be a major gas producer and works closely with its partner, Office National des Hydrocarbures et des Mines ("ONHYM") on all aspects of development and production. The gas from SDX's wells is sold to multiple offtakers in the Kenitra industrial area.
For further information:
SDX Energy Plc Daniel Gould, Chief Executive Officer William McAvock, Chief Financial Officer Tel: +44 (0) 20 3219 5640
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Shore Capital (Nominated Adviser and Broker) Toby Gibbs/Iain Sexton Tel: +44 (0) 20 7408 4090 | |
InHouseIR (Investor and Media Relations) Sarah Dees/Oliver Clark Email: sdx@inhouseir.com Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669
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Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mr. Aaron LeBlanc, Head of Operations at SDX Energy Plc. Mr. LeBlanc is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and has the necessary professional and technical competencies to conduct and review petroleum operations. Mr. LeBlanc has a Bachelor of Science Degree in Geology from the University of Calgary and is a professional member of the AAPG. Mr. LeBlanc has 21 years of oil and gas industry technical, operational and leadership experience.
Abbreviations
BCF billion cubic feet
About SDX
For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com .
Forward-looking information
Certain statements contained in this press release may constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as forward-looking information. In particular, statements regarding future drilling developments at BMK-2 should be regarded as forward-looking information.