SDX Energy said it has located commercial quantities at its new Morocco well.
The Middle East focused oil and gas developer said the BMK-1 well in Morocco was drilling to a measured depth of 1,551 metres and has encountered commercial quantities of gas in both target horizons.
The Upper Guebbas was encountered at a measured depth of 1,190 metres, while the Lower Guebbas was penetrated at a measured depth of 1,475 metres.
“We now have the potential to increase our total reserves in Morocco to approximately three to four years of customer demand,” SDX CEO Mark Reid stated.
Reid added: “The BMK-1 result in Morocco is excellent news, confirming that together with the OYF-2 discovery in January, we can now plan to develop a material and valuable new prospective area to the north of our existing infrastructure in a market where we are the only gas producer and where we receive gas prices of between $10-12 per mmcf.”
SDX is also preparing to drill two new exploration wells in South Disouq, Egypt. The first well will be drilled in Salah by April 2020 and the second well, located in Sobhi, is expected to be completed in June.
