Posted by: Morocco World News
The British gas company SDX Energy continues to outperform expectations. The UK-based company announced on Friday, March 9, a new gas discovery at the SAH-2 well in Sebou only a few weeks after it made a new gas discovery in the Gharb basin.
“The well was drilled to a depth of 1,304 meters and found porosity of 33 percent, exceeding the initial forecasts of the company,” said the company in an official statement.
The well, SAH-2, is the fifth discovered by the company and one of the seven wells drilled as part of its nine-well campaign in Morocco.
According to the company, the well will be tested before being connected to the existing infrastructure. An update on the results of the tests will be announced next April.
“The drilling operations will proceed with the eighth well, dubbed LNB-1, located at Lalla Mimouna,” Ecofin Agency said in a statement.
SDX was granted a four-month extension to July 22, 2018 at its Lalla Mimouna permit, allowing it sufficient time to evaluate the results of its exploration drilling campaign.
SDX is an international oil and gas exploration, production, and development company, headquartered in London with a principal focus on North Africa.
The exploration company entered the Moroccan market in January after acquiring Circle Oil’s shares in Morocco for USD 30 million. The British company is now endowed with an eight-year permit to drill for gas in the Gharb basin.
In addition, the company successfully renewed their permits for the Gueddari Northwest, Gueddari South, Sidi Al Harati Southwest, and Ksiri Center sites. These permits will expire in 2019, 2020, 2023, and 2023, respectively.
In total, SDX Energy obtained licenses for seven drilling sites from the National Office of Hydrocarbons and Mines, which holds 25 percent of working interests of SDX Energy’s activity in Morocco.
SDX’s portfolio also includes high impact exploration opportunities in Egypt. The group has a 50 percent working interest in two producing assets located onshore in the Eastern Desert, adjacent to the Gulf of Suez.
These producing assets are characterized by exceptionally low operating costs, making them particularly resilient in a low oil price environment.