Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Add shares to your
quickpicks to
display them here!

SDX Energy commences drilling at well in Rharb basin, Morocco

3rd Apr 2024 14:27

(Alliance News) - SDX Energy PLC on Wednesday said it began drilling the Beni Malek-2 well in the Rharb basin, Morocco.

The London-based energy company with exploration, development and production assets in Egypt and Morocco said the BMK-2 well is around 1.5 kilometres from the BMK-1 discovery well.

SDX Energy said 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, SDX Energy said, and is part of an ongoing drilling campaign in Morocco.

If BMK-2 is a success, SDX Energy said the well will be completed and tied-in for production "as quickly as possible". This is in order to supplement existing production and to provide to CITIC Dicastal, which is SDX Energy's largest offtaker and has "an immediate and increasing demand" for SDX's gas.

SDX Energy noted that it is the "sole independent gas producer" in Morocco and "has ambitions to be a major gas producer and works closely with its partner, Office National des Hydrocarbures et des Mines on all aspects of development and production".

The gas from SDX's wells is sold to multiple offtakers in the Kenitra industrial area, SDX Energy added.

Shares in SDX Energy were down 1.4% to 3.60 pence each in London on Wednesday afternoon.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest