The British company “SDX Energy”, based in London and specializing in oil and gas exploration, has decided to suspend its program in Morocco where it has completed its first three wells. A suspension that should run until September or October.
End of the first phase of its drilling operations in the Gharb. In 2021, SDX Energy plans to invest $ 25 to $ 25.6 million and drill five wells. After drilling the LMS-2 well in Morocco, which has low permeability, it decided to give up its operating license. However, the results encouraged the company, which intends to test the well in 2022-2023. It plans to start drilling two more wells during the year as part of the second phase of its program in September / October.
“The OYF-3, KSR-17 and KSR-18 wells in Morocco have all been commercial successes, and OYF-3 and KSR-17 are already connected and producing in our infrastructure,” said Mark Reid, CEO of SDX, adding that the company expects the KSR-18 to be tested and connected within the next two weeks. He said the wells produced 1.5 to 1.6 billion cubic feet of gas.
SDX started its well drilling activities last May due to the Covid-19 pandemic. In accordance with contractual requirements, it supplied gas to its customers. The British company is also carrying out the same activities in Egypt where it hopes that the Ibn Yunus-2X well, located in South Disouq, will develop “in the coming days”. Development of an HA-1X exploration well is expected in the third quarter. According to the CEO of SDX, this is a “potentially transformative sink”.
“This 139 billion cubic foot gross forward goal, which has a 33% chance of success, has the potential to dramatically transform the company’s resource profile. Finally, with the four-well campaign in western Gharb also set to begin soon, I look forward to updating the market in the coming months on what is shaping up to be a very busy period of business and exciting,” added Mark Reid.