SDX Energy Inc. Morocco Operations Update (7694G)
01 June 2017 - 4:00PM
UK Regulatory
TIDMSDX
RNS Number : 7694G
SDX Energy Inc.
01 June 2017
1 June 2017
SDX ENERGY INC
("SDX" or the "Company")
MOROCCO OPERATIONS UPDATE
Award of The Gharb Centre exploration permit
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to provide an operational update on its
Moroccan assets.
The Gharb Centre exploration permit, covering an area of over
1362 km(2) , has been awarded to SDX for a period of eight years,
with a firm commitment from SDX for the acquisition of 200km(2) of
3D seismic, and two exploration wells within the first four-year
period.
The Gharb Centre area comes with a considerable quantity of
recently acquired 2D and 3D seismic which has established multiple
target horizons throughout the Miocene-aged strata, similar to what
the Company produces from in its surrounding licenses.
The activity at Gharb Centre complements the work programmes at
both Sebou and Lalla Mimouna, where development and exploration
wells are planned for H2 2017, as previously announced.
Pre-drilling activity is now underway in both permits where the
tendering process for drilling rigs and associated services has
been initiated. SDX has also received partner approval for seven
drilling locations in these permits and is targeting a late Q3 2017
start date for the program.
Paul Welch, CEO of SDX Energy, commented:
"We are very pleased to have expanded our footprint in Morocco
with the award of the Gharb Centre exploration permit. Given the
amount of 2D and 3D seismic acquisition that has been undertaken in
the past, we believe there is clear potential for material upside
in this concession that can be easily tied into our existing
infrastructure. This acreage connects the Lalla Mimouna exploration
permit with the Sebou producing concession enabling us to see the
complete basin picture and thus high grade the opportunity dataset
that we develop.
With our partner, the Office national des hydrocarbures et des
mines (ONHYM), SDX now has a dominant commercial and technical
position across the basin and we look forward to capitalising on
the opportunities to grow our reserve and production base in
Morocco. Our target is to fulfil the pipeline capacity coming out
of the basin, which would entail the quadrupling of production from
our current levels. This permit acquisition makes clear strategic
sense to SDX, as this acreage brings significant synergies to our
expanding asset base in Morocco."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on North Africa. In Egypt, SDX Energy has a working
interest in two producing assets (50% North West Gemsa & 50%
Meseda) located onshore in the Eastern Desert, adjacent to the Gulf
of Suez. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Gharb Basin. These producing assets are
characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX Energy's
portfolio also includes high impact exploration opportunities in
Egypt and Morocco.
For further information, please see the website of the Company
at www.sdxenergy.com or the Company's SEDAR profile at
www.sedar.com.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Executive Mark Reid
Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe
-
(Nominated Adviser &
Joint Broker)
Sarah Wharry/Craig Francis
Tel: +44 207 7894 7000
FirstEnergy Capital LLP
(Joint Broker)
Jonathan Wright/David
van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/ Joanna
Boon / Jimmy Lea
Tel: +44 207 520 9260
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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
SDX's planned work programmes and production goals should be viewed
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; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labour and services.
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; 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 reference SDX's Management's Discussion &
Analysis for the three and twelve months ended December 31, 2016,
which can be found on SDX's SEDAR profile at www.sedar.com, for a
description of additional risks and uncertainties associated with
SDX's business, including its exploration activities.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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