{"id":10064,"date":"2021-03-21T16:56:46","date_gmt":"2021-03-21T16:56:46","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=10064"},"modified":"2021-03-21T16:56:46","modified_gmt":"2021-03-21T16:56:46","slug":"egypt-morocco-sdx-energy-provides-full-year-2020-financial-operating-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-sdx-energy-provides-full-year-2020-financial-operating-results\/","title":{"rendered":"EGYPT\/ MOROCCO: SDX Energy Provides Full Year 2020 Financial & Operating Results"},"content":{"rendered":"

Mark Reid, CEO of SDX, commented: <\/span>“After what has been a very disruptive period for both businesses and people, I am extremely pleased to announce a set of results featuring record production, a strong balance sheet and successful drilling results.<\/span>\u00a0<\/span><\/p>\n

Operationally, 2020 was a strong year for the Group and although the COVID-19 pandemic contributed to a low oil price environment, SDX’s high fixed-price gas assets in both\u00a0Egypt\u00a0and\u00a0Morocco\u00a0demonstrated the cash-generative resilience that exists within our portfolio. While\u00a0Morocco\u00a0production saw demand fluctuations early in the period, we are now back to pre-lockdown levels of production with 2021 production expected to be 8-12% higher than in 2020.<\/span>\u00a0<\/span><\/p>\n

Our exploration efforts in the period were also positive in both\u00a0Egypt\u00a0and\u00a0Morocco, with our largest discovery, the SD-12X well in South Disouq, having been brought on stream before the end of the year. As well as adding reserves through the drill bit, the Group also continued to manage its portfolio with the sale of non-core assets in North West Gemsa and South\u00a0Ramadan, adding further to the Group’s cash and reducing its associated capex.<\/span>\u00a0<\/span><\/p>\n

With a 39% increase in EBITDAX from continuing operations to\u00a0US$32.9 million, our strong focus on capital discipline and our balance sheet stewardship, we have ended the year with a healthy cash balance and clarity over our work programme for the next two years, funded from our cash position. This work programme includes a transformational prospect with the Hanut well having the potential to significantly increase Company reserves. \u00a0Furthermore, the recently approved ten-year extension of our West Gharib oil concession increases our share of reserves in the asset by 60% year on year and 119% taking account of 2020 production. With a breakeven Brent price of approximately\u00a0US$20\/bbl this is an extremely positive development given current oil prices.\u00a0 We have also made excellent progress with various ESG initiatives and I am particularly proud to announce that our\u00a0carbon\u00a0intensity in 2020 was only 1.8kgCO2e<\/sub>\/boe for our operated assets, one of the best performances in the industry.<\/span>\u00a0<\/span><\/p>\n

\u00a0Finally, I would like to thank all of our team for their tireless work rate and commitment in what was tough period for all as we tackled challenges seldom seen before. The outlook for SDX is extremely bright and we look forward to delivering on our goals for the coming period and enhancing value for all stakeholders in the Company.”<\/span>\u00a0<\/span><\/p>\n

Year to\u00a031 December 2020\u00a0Operations Highlights<\/span>\u00a0<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Average entitlement production of 6,397 boe\/d, an increase of 57% year on year due to strong production levels mainly from South Disouq, at 49.5 MMscfe\/d equating to 4,532 boe\/d net to SDX.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>2020 production from core assets either exceeded or was at the top end of market guidance, despite COVID-19 interruptions in\u00a0Morocco. Capex was below guidance, primarily due to drilling at West Gharib being deferred due to the lower oil price environment in 2020.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>2021 guidance for production is 5,620 – 5,920 boe\/d and for capex is\u00a0US$25.0-US$26.5 million.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>The Company’s operated assets recorded a\u00a0carbon\u00a0intensity of 1.8kg CO2e<\/sub>\/boe in 2020 which is one of the lowest rates in the industry.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>The South Disouq two-well drilling campaign finished with a discovery at, SD-12X (100% working interest to SDX). First gas was achieved in\u00a0December 2020, 5-6 weeks ahead of schedule.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Following further review of the 3D seismic after the SD-12X discovery, c.233bcf of close to infrastructure, mean unrisked recoverable volumes, located in productive horizons have been high-graded to drill-ready prospects.<\/span><\/p>\n

\u00a0<\/span>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Subject to receipt of final Ministerial and Parliamentary approval for a two-year exploration concession extension, the Company plans to drill the Hanut prospect targeting 139bcf in Q3 2021.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Hanut will be part of a two-well campaign with IY-2X well, a development well in the eastern part of the Ibn Yunus field, seeking to bring forward production and cash flow. The Company’s partner has confirmed that it will participate in both wells.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>During the year, the Group sold its two non-core assets, North West Gemsa and South\u00a0Ramadan\u00a0in\u00a0Egypt\u00a0for\u00a0US$2.1 million, a sum which exceeded management’s expectation.<\/span><\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Post-period end, SDX obtained approval for a ten-year extension to the West Gharib Production Services Agreement increasing audited(1)<\/sup>\u00a02P reserves in this core oil asset as at\u00a031 December 2020, by 60% year on year, or 119% taking account of 2020 production, to 3.52 million barrels.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>The Moroccan drilling campaign in 2019\/20 resulted in seven discoveries from nine wells, with the tenth well, LMS-2, completed and now expected to be tested as part of the 2021 drilling campaign.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Further analysis of the LMS-2 well results has revealed that Top Nappe structures, similar to LMS-2, are present throughout the Company’s acreage. Subject to a successful flow test of LMS-2, the intention is to target the Top Nappe as part of the planned 2021 Moroccan drilling campaign, to commence in H1 2021.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Gas consumption in\u00a0Morocco\u00a0has returned to\u00a0March 2020\u00a0pre-COVID-19 levels. In\u00a0December 2020\u00a0an existing customer’s second factory started up, contributing to higher guidance for FY2021.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>As at\u00a031 December 2020, the Company’s working interest share of audited(1)<\/sup>\u00a02P reserves was 11.1 mmboe and audited 2C contingent resources was 0.9 mmboe. The 0.9 mmboe of 2C resources relates to the Meseda and Rabul producing assets in its West Gharib concession in\u00a0Egypt\u00a0and will be converted to 2P reserves upon approval of a development plan.<\/span><\/p>\n

Twelve months to\u00a031 December 2020\u00a0Financial Highlights<\/span>\u00a0<\/span><\/p>\n

The table below reflects the results of the Company for the years ended\u00a031 December 2020\u00a0and 2019. The North West Gemsa and South\u00a0Ramadan\u00a0concessions, which were sold in Q3 and Q4 2020 respectively, are classified as discontinued operations (as required by IFRS). All revenues, costs and taxation from these assets have been consolidated into a single line item “profit\/(loss) from discontinued operations” in both periods reported. Per unit metrics do not include North West Gemsa or South\u00a0Ramadan.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n<\/td>\n

\n

Twelve months ended 31 December<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

US$ million except per unit amounts<\/span><\/p>\n<\/td>\n

\n

2020<\/span><\/p>\n<\/td>\n

\n

2019<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net revenues<\/span><\/p>\n<\/td>\n

\n

46.1<\/span><\/p>\n<\/td>\n

\n

34.8<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Netback(1)<\/sup><\/span><\/p>\n<\/td>\n

\n

36.5<\/span><\/p>\n<\/td>\n

\n

28.2<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net realised average oil service fees\u00a0<\/span>–<\/span>\u00a0US$\/barrel<\/span><\/p>\n<\/td>\n

\n

31.96<\/span><\/p>\n<\/td>\n

\n

49.61<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net realised average\u00a0Morocco\u00a0gas price\u00a0<\/span>–<\/span>\u00a0US$\/Mcf<\/span><\/p>\n<\/td>\n

\n

10.80<\/span><\/p>\n<\/td>\n

\n

10.39<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net realised South Disouq gas price – US$\/Mcf<\/span><\/p>\n<\/td>\n

\n

2.85<\/span><\/p>\n<\/td>\n

\n

2.85<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Netback – US$\/boe<\/span><\/p>\n<\/td>\n

\n

16.73<\/span><\/p>\n<\/td>\n

\n

34.75<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

EBITDAX(1) (2)<\/sup>\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

32.9<\/span><\/p>\n<\/td>\n

\n

23.6<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Exploration & evaluation expense(3)<\/sup>\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

(5.8)<\/span><\/p>\n<\/td>\n

\n

(11.4)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Impairment expense<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

\n

(8.3)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Depletion, depreciation, and amortisation<\/span><\/p>\n<\/td>\n

\n

(25.2)<\/span><\/p>\n<\/td>\n

\n

(18.7)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Profit\/(loss) from discontinued operations<\/span><\/p>\n<\/td>\n

\n

1.8<\/span><\/p>\n<\/td>\n

\n

(0.4)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total comprehensive loss<\/span><\/p>\n<\/td>\n

\n

(2.1)<\/span><\/p>\n<\/td>\n

\n

(18.2)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Capital expenditure<\/span><\/p>\n<\/td>\n

\n

24.7<\/span><\/p>\n<\/td>\n

\n

43.0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash generated from operating activities(4)<\/sup><\/span><\/p>\n<\/td>\n

\n

21.3<\/span><\/p>\n<\/td>\n

\n

12.1<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents<\/span><\/p>\n<\/td>\n

\n

10.1<\/span><\/p>\n<\/td>\n

\n

11.1<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\u00a0<\/span>Netback of\u00a0US$36.5 million, 29% higher than the same period in 2019, was driven by a full year of production from South Disouq. Morocco Netback was higher reflecting a strong recovery from COVID-19 shutdowns, however West Gharib experienced lower production due to increased water cut and lower oil service fee realisations due to lower oil prices in 2020. Operating expenses were\u00a0US$2.9 million\u00a0higher predominantly due to a full year of South Disouq operations, partly offset by cost savings and lower workover activity at West Gharib. The lower per unit Netback of\u00a0US$16.73\/boe in 2020 (2019:\u00a0US$34.75\/boe) results from the increased contribution of South Disouq in 2020 which has high volume, lower Netback production, versus 2019 which only included South Disouq from the start of production in November and therefore reflected a higher proportion of volumes from\u00a0Morocco, which achieves high Netbacks.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>EBITDAX of\u00a0US$32.9 million\u00a0was 39% higher than the same period in 2019 of\u00a0US$23.6 million\u00a0due to higher Netback, lower recurring G&A expenses and lower transaction costs in 2020, partly offset by lower profitability from the Company’s investment in the joint venture that operates the West Gharib asset due to the lower oil price environment.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Depletion, depreciation and amortisation (“DD&A”) charge of\u00a0US$25.2 million\u00a0was higher than the\u00a0US$18.7 million\u00a0for the same period in 2019 due to a full year of South Disouq DD&A charge, partly offset by a reduced charge in\u00a0Morocco\u00a0following 2P reserves additions from the drilling campaign in Q4 2019\/Q1 2020.<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Non-cash E&E write offs totalled\u00a0US$4.5 million\u00a0following the drilling of two sub-commercial wells, SD-6X in South Disouq and SAH-5 in\u00a0Morocco. In 2019 the\u00a0US$5.1 million\u00a0South\u00a0Ramadan\u00a0E&E asset was written off, as was the 2018\/19 South Disouq 3D seismic survey (US$3.7 million) and the CGD-15 dry hole in\u00a0Morocco\u00a0(US$1.5 million).<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Operating cash flow (before capex, excluding discontinued operations) of\u00a0US$21.3 million, was higher than the same period in 2019,\u00a0US$12.1 million, primarily due to the EBITDAX drivers discussed above, offset by an increase in accounts receivable from continuing operations mainly due to increased revenues from South Disouq and\u00a0Morocco\u00a0during the period, and higher inventory spend. \u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Capex of\u00a0US$24.7 million, reflects:<\/span>\u00a0<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$13.3 million\u00a0(including\u00a0US$0.5 million\u00a0of decommissioning provisions) for the Moroccan drilling campaign and well tie-ins;<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$7.3 million\u00a0for the drilling, completion, testing and tie-in of the SD-12X well in South Disouq (SDX: 100% working interest), including a\u00a0US$0.3 million\u00a0development lease bonus and a\u00a0US$0.2 million\u00a0decommissioning provision;<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$1.2 million\u00a0for the dry-hole drilling cost of the SD-6X (SDX: 55% working interest) well in South Disouq;<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$1.5 million\u00a0for additional work and insurance spares at the South Disouq Central Processing Facility (“CPF”);<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$0.4 million\u00a0for drilling\/workovers in West Gharib;<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$0.9 million\u00a0for\u00a0Morocco\u00a0facilities and customer connections; and<\/span><\/p>\n

o\u00a0\u00a0<\/span>US$0.1 million\u00a0for other assets.<\/span><\/p>\n

o\u00a0\u00a0<\/span>The key difference between the\u00a0US$24.7 million\u00a0spend in 2020 and the\u00a0US$43.0 million\u00a0in 2019 is the fact that the South Disouq CPF, the flowlines and main export line were constructed in 2019, at a cost\u00a0US$19.4 million\u00a0(including a\u00a0US$1.0 million\u00a0decommissioning provision).<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Mark Reid, CEO of SDX, commented: “After what has been a very disruptive period for both businesses and people, I am extremely pleased to announce a set of results featuring … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[709,9137,7627,1629,8673,7628,8949,7820,7630,9136,7626],"class_list":["post-10064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-egypt","tag-ibn-yunus-field","tag-meseda","tag-morocco","tag-north-west-gemsa","tag-rabul","tag-sd-12x-well","tag-sdx-energy","tag-south-disouq","tag-south-ramadan","tag-west-gharib","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Ck","jetpack-related-posts":[{"id":13376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sdx-energy-provides-egypt-morocco-operational-update\/","url_meta":{"origin":10064,"position":0},"title":"SDX Energy Provides Egypt & Morocco Operational Update","author":"","date":"March 1, 2023","format":false,"excerpt":"Egypt\u00a0- South Disouq \u00b7\u00a0\u00a0\u00a0\u00a0Average gross production of 38.5 MMscfe\/d (2,720 boe\/d net to SDX) for full year 2022. \u00b7\u00a0\u00a0\u00a0\u00a0The SD-5X well, drilled in Q2 2022, is on production and is exceeding the immediate post-drill volume expectations.\u00a0 It is expected in place volumes will be increased for this well.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Evaluation of\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Egypt-South-Disouq.jpg?fit=591%2C539&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Egypt-South-Disouq.jpg?fit=591%2C539&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Egypt-South-Disouq.jpg?fit=591%2C539&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8400,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-post-drilling-extension-of-plateau-production-at-south-disouq-and-de-risked-prospectivity-in-both-egypt-and-morocco\/","url_meta":{"origin":10064,"position":1},"title":"EGYPT\/ MOROCCO: Post-drilling Extension of Plateau Production at South Disouq and De-risked Prospectivity in both Egypt and Morocco","author":"","date":"June 23, 2020","format":false,"excerpt":"Egypt \u00b7\u00a0\u00a0\u00a0\u00a0As a result of the Sobhi discovery in South Disouq (SDX Working Interest: 55% and operator), which SDX drilled at 100% Working Interest, gross plateau production of c.50 MMscfe\/d is now expected to be maintained for a further 18-24 months until mid-2023 with the potential for a further extension\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/West-Gharib.jpg?fit=420%2C361&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9441,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-sdx-energy-provides-operational-update\/","url_meta":{"origin":10064,"position":2},"title":"EGYPT\/ MOROCCO: SDX Energy Provides Operational Update","author":"","date":"November 19, 2020","format":false,"excerpt":"Nine months to\u00a030 September 2020\u00a0Operations Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Average entitlement production of 6,646 boe\/d, an increase of 90% from the nine months to\u00a030 September 2019\u00a0(3,501 boe\/d) and 64% higher than average production during FY 2019 (4,062 boe\/d) due to strong production levels mainly from South Disouq, which delivered gross production of 48.6\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10487,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sdx-energy-successfully-completes-the-1st-phase-of-drilling-operations\/","url_meta":{"origin":10064,"position":3},"title":"MOROCCO: SDX Energy Successfully Completes the 1st Phase of Drilling Operations","author":"","date":"June 28, 2021","format":false,"excerpt":"SDX Energy has announced the successful completion of the initial three well phase of its 2021 drilling campaign in Morocco, which will comprise up to a total of five wells over the year.\u00a0 Mark Reid, CEO of SDX, commented:\u00a0 \"I am pleased to announce that the Company has successfully drilled\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10768,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-sdx-energy-completes-drilling-operations-of-the-ha-1x-well-at-south-disouq\/","url_meta":{"origin":10064,"position":4},"title":"EGYPT: SDX Energy Completes Drilling Operations of the HA-1X Well at South Disouq","author":"","date":"August 18, 2021","format":false,"excerpt":"The HA-1X exploration well on the Hanut prospect spudded on 4 August and reached the target depth of 6,000ft on 17 August.\u00a0 The primary target for HA-1X was the Basal Kafr El Sheikh sand at approximately 5,200ft. The well however found that the Basal Kafr El Sheikh sand had been\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-South-Disouq-Permit-Map-1.jpg?fit=1200%2C1088&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-South-Disouq-Permit-Map-1.jpg?fit=1200%2C1088&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-South-Disouq-Permit-Map-1.jpg?fit=1200%2C1088&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-South-Disouq-Permit-Map-1.jpg?fit=1200%2C1088&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Egypt-South-Disouq-Permit-Map-1.jpg?fit=1200%2C1088&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8935,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-egypt-sdx-energy-announces-h1-operating-results\/","url_meta":{"origin":10064,"position":5},"title":"MOROCCO\/ EGYPT: SDX ENERGY Announces H1 Operating Results","author":"","date":"August 20, 2020","format":false,"excerpt":"H1 2020 Operations Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0H1 2020 average entitlement production of 6,980 boe\/d, an increase of 97% from H1 2019 and 72% higher than average production during FY 2019 (4,062 boe\/d) due to strong production levels mainly from South Disouq, which continued to perform ahead of expectations at gross production of\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10064"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10064\/revisions"}],"predecessor-version":[{"id":10067,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10064\/revisions\/10067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8936"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}