REG - SDX Energy PLC - SPUD OF KSIRI-21 WELL IN MOROCCO

SDX EnergyAnnouncement

04/09/2023 07:00

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RNS Number : 2017L  SDX Energy PLC  04 September 2023

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.

 

4 September 2023

SPUD OF KSIRI-21 WELL IN MOROCCO

 

SDX Energy plc ("SDX" or the "Company") is pleased to announce that it has
commenced drilling the Ksiri-21 ("KSR-21") well in Sebou Central of the Gharb
Basin, Morocco.

 

The vertical development well will be drilled to a planned total depth of
approximately 1,950 metres. Using existing 3D seismic, the well is targeting
a well-defined prospect within the main Hoot formation, which is the main
producing sand in the area. SDX has drilled over 20 production wells in the
same basin. As such, this new well presents a low-risk step-out location. The
well can be immediately brought into production, supplying gas to existing
customers, under the improved gas price announced on 5 June 2023.

 

The Company will make further announcements as appropriate.

 

Daniel Gould, Managing Director, commented:

 

"Commencement of drilling signifies an early milestone in SDX's new roadmap in
Morocco, which the Company will present imminently. As part of re-energising
the Company's upstream production, we will assess the feasibility of drilling
additional wells, back to back. This type of programme would reduce capex per
well, ensure operational efficiency, and prove sufficient reserves of
'gas-behind-pipe' to meet both existing and future demand."

 

 

 

For further information:

 

 SDX Energy Plc

 Daniel Gould, Managing Director

 William McAvock, Chief Financial Officer

 Tel: +44 (0) 20 3219 5640

 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

 Camarco (PR)

 Billy Clegg/Owen Roberts/Violet Wilson

 Tel: +44 (0) 20 3757 4980

 

 

About SDX

For further information, please see the Company's website
at www.sdxenergygroup.com (http://www.sdxenergygroup.com/)  or the Company's
filed documents at www.sedar.com (http://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, future gas production from KSR-21, and results
in the Company's Moroccan concessions should be regarded as forward-looking
information.

 

The forward-looking information contained in this document is based on certain
assumptions, and although management considers these assumptions to be
reasonable based on information currently available to them, undue reliance
should not be placed on the forward-looking information because SDX can give
no assurances that they may prove to be correct. This includes, but is not
limited to, assumptions related to, among other things, commodity prices and
interest and foreign exchange rates; planned synergies, capital efficiencies
and cost-savings; applicable tax laws; future production rates; receipt of
necessary permits; the sufficiency of budgeted capital expenditures in
carrying out planned activities, and the availability and cost of labour and
services.

 

All timing given in this announcement, unless stated otherwise, is indicative,
and while the Company endeavours to provide accurate timing to the market, it
cautions that, due to the nature of its operations and reliance on third
parties, this is subject to change, often at little or no notice. If there is
a delay or change to any of the timings indicated in this announcement, the
Company shall update the market without delay.

 

Forward-looking information is subject to certain risks and uncertainties
(both general and specific) that could cause actual events or outcomes to
differ materially from those anticipated or implied by such forward-looking
statements. Such risks and other factors include, but are not limited to,
political, social, and other risks inherent in daily operations for the
Company, risks associated with the industries in which the Company operates,
such as: operational risks; delays or changes in plans with respect to growth
projects or capital expenditures; costs and expenses; health, safety and
environmental risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; permitting risks; the ability
to access sufficient capital from internal and external sources; and changes
in legislation, including but not limited to tax laws and environmental
regulations. Readers are cautioned that the foregoing list of risk factors is
not exhaustive and are advised to refer to the Principal Risks &
Uncertainties section of SDX's Annual Report for the year ended 31 December
2022, which can be found on SDX's SEDAR profile at www.sedar.com
(http://www.sedar.com/)  , for a description of additional risks and
uncertainties associated with SDX's business.

 

The forward-looking information contained in this press release is as of the
date hereof and SDX does not undertake any obligation to update publicly or to
revise any of the included forward‐looking information, except as required
by applicable law. The forward‐looking information contained herein is
expressly qualified by this cautionary statement.

 

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