TIDMSDX
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 KS I R I - 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 met re s . Using existing 3D seismic,
the well is targe ting 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 or the Company's filed
documents at 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 , 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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END
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