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.
LONDON, March 9, 2018 /CNW/ – SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its SAH-2 well on the Sebou permit in Morocco.
The SAH-2 well was drilled to a total depth of 1,304 meters and encountered 5.2 meters of net conventional natural gas pay across two zones in the Guebbas and Hoot formations with an average porosity in the pay section of 33%. The well came in on prognosis but with a reservoir thickness above pre-drill expectations.
The well will now be completed, tested and connected to existing infrastructure. SDX expects to provide a further update on testing results in early April.
Paul Welch, President and CEO of SDX, commented:
“We are very pleased to be able to announce another discovery, the fifth from seven wells drilled to date in our nine well Moroccan campaign.
This was also the first well in the Gharb basin that was successfully drilled using downhole directional tools which allowed us to penetrate the crest of two individual targets with a single well-bore. We will use these tools when drilling our next well, LNB-1, an exploration well in our Lalla Mimouna concession, for a similar reason. By successfully targeting the crests of specific horizons, we now have the ability to improve the recovery efficiency from individual wells.
I look forward to updating all our stakeholders on the production testing results of the SAH-2 and the spud of the LNB-1 in due course.”
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.
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.
Certain statements contained in this press release may constitute “forwardâlooking 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 for the SAH-2 well and further updates on the SAH-2 and LNB-1 wells 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 costâsavings; 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.
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 forwardâlooking 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 nine 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 forwardâlooking 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 forwardâlooking information, except as required by applicable law. The forwardâlooking information contained herein is expressly qualified by this cautionary statement.
SOURCE SDX Energy Inc.
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