North Africa focused oil and gas company, SDX Energy (SDX) has been awarded additional licenses in Morocco, Moulay Bouchta Ouest and Lalla Mimouna Sud, thereby significantly increasing their presence in the region.
The Moulay Bouchta Ouest exploration licence, of which SDX is the operator and holds 75% working interest, has been awarded to SDX for an eight year period. The licence covers over 450 km2.
In the first three and a half years of this licence, SDX Energy plans to “reprocess 150 kilometres of 2D seismic data, acquire 100 km2 of new 3D seismic and drill one exploration well.”
SDX Energy is also the operator, with a 75% working interest for eight years, in the Lalla Mimouna Sud licence. The licence, sprawling over 850 km2, is actually a reacquisition for the company.
In 2017, SDX Energy bought $30m worth of Egyptian and Moroccan assets from Circle Oil-- vastly expanding the company’s presence and also following their strategy of growing inorganically.
As concession has since expired with all work commitments being fulfilled, SDX Energy reapplied for the licence after conducting addition 3D seismic analysis in the area.
President and CEO of SDX Energy Paul Welch commented: “Both of these permits offer significant underexplored hydrocarbon potential and are located adjacent to our existing operations and infrastructure, so can be tied into our facilities quickly. The award also gives SDX and its partner control over the entire onshore Gharb Basin.”
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