SDX Energy - KSS-2 well result - non-commercial
SDX Energy has announced results from the KSS-2 well on the Sebou permit in Morocco (SDX 75%). KSS-2 is the sixth well in the company’s nine-well programme, with four discoveries to date. KSS-2 encountered eight net meters of high-quality reservoir, but had low gas saturation and was deemed to be non-commercial. This result is not expected to affect the company’s previously announced planned production increase in Morocco to 8-10mmscfd by the end of 2018. We recently published a detailed update on our view of Moroccan gas sales and group valuation, which stands at core NAV 58.3p/share and RENAV 65.6p/share.
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