SDX hunts extra assets after Circle N Africa buy

摘要

SDX Energy is to rush ahead with five exploration wells this year after agreeing to pay US $30m for Circle Oil's assets in Egypt and Morocco while it is also on the hunt for other distressed assets. In Egypt, the acquisition includes 40% in the NW Gemsa concession in which SDX already has a 10% stake. In Morocco, the deal covers a 75% interest in both the Sebou and Lalla Mimonna concessions This will add production of around 3,350 boe/d and 13.8m boe of 2P reserves. It is planning to start exploration drilling in Egypt this month on the first of three wells with another two wells to start in Morocco in the third quarter.