TIDMSDX
RNS Number : 8968A
SDX Energy Inc.
04 January 2018
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 January, 2018
SDX ENERGY INC.
("SDX" or the "Company")
Morocco Update
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is today providing an update on its operations in
Morocco.
The KSR-16 well has been connected to the sales line and flow
testing is expected to commence early next week. The Company will
update the market on the results in due course.
In addition, SDX has been granted a four-month extension to its
Lalla Mimouna permit, through to July 22, 2018. This will allow the
Company sufficient time to evaluate the results of its upcoming
exploration drilling campaign on the permit, which is expected to
take place in March 2018.
Following the recent announcement of its spud, the ELQ-1 well in
the Gharb Centre permit has been drilled to a total depth of 1484
meters and has encountered 22.6 net meters of reservoir interval
and two meters of marginal net conventional gas pay, in the Hoot
formation. Management are of the view that the intervals are not
sufficiently commercial to complete the well. As such, the well
will be plugged and abandoned and the drilling rig will move to the
ONZ-7 development location.
Paul Welch, President and CEO of SDX, commented:
"Despite the result at ELQ-1, we remain very upbeat about the
remainder of our Moroccan drilling campaign, which has already
yielded discoveries from the first three of this nine well
campaign. It is important to note that this well is also the only
one in the current program drilled using legacy low-resolution 3D
data, acquired from the previous operator. It was an important test
that has strengthened our belief in the need to acquire high
resolution 3D seismic data, that we have successfully used in our
first three wells, across all of our concessions of interest.
"As previously mentioned, a new high-resolution 3D seismic
program, in the Gharb Centre concession, has been awarded and the
acquisition is on track to begin in the second quarter of 2018. The
result of this survey will double the area covered by high
resolution 3D data, providing significant additional potential for
prospect delineation. We remain on track to achieve our target of
increasing gas sales volumes in Morocco by up to 50% and we look
forward to updating the market on this in due course."
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 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's
portfolio also includes high impact exploration opportunities in
both Egypt and Morocco.
For further information, please see the website of the Company
at www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Mark Reid
Executive Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Callum Stewart / Nicholas Rhodes / Ashton
Clanfield
Tel: +44 (0) 20 7710 7600
Cantor Fitzgerald Europe (Joint Broker)
Sarah Wharry
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright / David van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme / 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
the Company's plans at the Gharb Centre permit, the completion of
the KSR-16 well and its connection to existing infrastructure and
the testing of and release of subsequent results for the KSR-16
well, should all 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; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labor and services.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors 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; 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 September 30, 2017,
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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