SDX CEO 'Very Confident' Company Can Deliver on Forecast Gas Sales Rates
Following the release of the latest results at the KSR-16 well in Morocco, SDX Energy Inc President and CEO Paul Welch said the business is ‘very confident’ it can deliver on its forecast gas sales rates of 10-11 million cubic feet per day in 2018.
Located on the Sebou permit, the recently completed KSR-16 well was tested at a restricted average flow rate of conventional natural gas into the sales line of 8.43 million standard cubic feet per day (mmscfd). Welch revealed that this ‘positive’ result exceeded the company’s expectations.
“It is the highest flow rate of the three successful wells drilled to date and we now have three wells that exceed our existing daily commitments of 6 mmscfd on a stand-alone basis,” Welch said in a company statement.
“We are actively working towards connecting new customers to our existing infrastructure,” he added.
KSR-16 has now been placed on production. The drilling rig used to drill the well is in the process of completing a move to well ONZ-7, which is anticipated to spud prior to the weekend.
Oil and gas analysts at GMP FirstEnergy described market reaction to the latest development on the Sebou permit as positive. SDX has a 75 percent working interest in the Sebou concession, which is situated in the Rharb Basin.
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