SDX Energy said today that a number of its Moroccan exploration permits have been extended.
London-listed SDX said the Lalla Mimouna Nord and Sud permits were being extended until March 2018 and that two exploration wells were scheduled to be drilled in the second half of 2017.
The 75%-SDX-owned Sebou permit is being renewed for eight years, with SDX committing to drilling three exploration wells within the first four-year period.
SDX plans to drill two of the exploration wells towards this commitment in 2017 in addition to the three wells slated to be drilled in the Ksiri producing concession later this year.
These planned wells are all close to existing infrastructure and can be put on production quickly.
SDX Energy chief executive Paul Welch said: “2017 has already proven to be an extremely active time for SDX, as we focus on developing our assets across the portfolio, in both Morocco and Egypt.
“We are encouraged by the opportunity set that we have acquired and subsequently developed in Morocco.
“The extensions in Sebou will allow SDX to execute on a drilling campaign that will provide additional production capacity and reserves, if successful.
“The Lalla Mimouna and Sebou concessions in Morocco provide us with the potential to further grow the business as we seek to get the most out of the opportunity that exists in Morocco’s local gas market.
“The remainder of the year is set to be a period of high activity in Morocco, with a total of seven wells to be drilled. This will continue to build on the solid progress made to date for SDX in delivering high margin growth across the portfolio.”
