Rabat - Today, SDX Energy, a London-listed energy company, proudly announces the initiation of gas production at the KSR-21 well in the Gharb Basin of Morocco following the receipt of crucial government approval.
The company's statement highlights that gas production has officially begun. SDX Energy had previously confirmed that the KSR-21 well was ready for production pending regulatory clearance, with seamless integration into existing infrastructure.
This development arrives on the heels of SDX Energy's recent announcement of the successful sale of its West Gharib interests in Egypt for a significant sum of $6.6 million. The proceeds from this transaction will be directed towards bolstering SDX Energy's cash-generating endeavors in Morocco.
This strategic maneuver aligns with SDX Energy's broader corporate vision, unveiled in November last year, which emphasizes a transition towards renewable and hybrid energy production.
SDX Energy's concentrated efforts in Morocco have gained substantial traction in recent months, marked by significant advancements in operational expansion. Earlier in the month, the energy giant initiated drilling operations for the Beni Malek-2 well (BMK-2) in Morocco's Gharb Basin, showcasing its commitment to exploration and development in the region.
Moreover, SDX Energy's engagement extends beyond exploration, as evidenced by the extension of a prepayment deal with CITIC Dicastal subsidiary, Dika Morocco Africa (DMA), ensuring a consistent gas supply for the first quarter of 2024.
With a commanding 75% working interest across its Moroccan portfolio, spanning exploration permits such as Sebou Central, Gharb Occidental, Moulay Bouchta Ouest, and Lalla Mimouna Sud, SDX Energy is firmly positioned as a key player in the region's energy landscape.
Furthermore, the company manages several exploitation concessions housing productive wells. SDX Energy supplies gas from its Moroccan assets to eight customers at contracted prices ranging between $10-$12 per thousand cubic feet (Mcf), reinforcing its commitment to sustainable and profitable energy solutions.
SDX Energy's latest milestone underscores its dedication to driving innovation, sustainability, and economic growth in Morocco's energy sector.
