Following an extensive analysis of three-dimensional seismic data spanning over 650 square kilometres, SDX Energy has discovered significant natural gas reserves, estimated at 47 billion cubic feet, in the Western Basin of Morocco. These reserves represent a valuable asset for the British company, particularly given current gas prices in Morocco. SDX Energy plans to exploit them using the latest multilateral drilling technologies, while confirming strong local market demand for the discovered gas.
Read: Gas: SDX Energy launches production in Morocco
In parallel, SDX Energy is conducting further analysis of seismic data to assess geological risks and more accurately determine the volume of reserves. The company has also identified two new drilling sites following analysis of recently processed seismic data. Work on the first well is scheduled to begin in the fourth quarter of 2024, with a larger drilling campaign planned for early 2025 to develop the gas field.
Read: New gas discovery in Morocco
The company estimates that there are promising reserves in two new wells, with initial estimates of unproved reserves of approximately 2.4 billion cubic feet for the first well and 0.6 billion cubic feet for the second. In addition, SDX Energy plans to begin new drilling operations in the last quarter of the year, with prospects of achieving commercial production in the near future.
SDX holds a 75% direct interest in its entire Moroccan portfolio, which includes exploration and concession permits and gas wells.
