Casablanca – In a recent announcement, the British company SDX Energy has successfully extended its gas prepayment agreement with DIKA MOROCCO AFRICA, a subsidiary of CITIC Dicastal, securing an additional $2.1 million USD for the first quarter of 2024. Moreover, the company is in the final stages of formalizing a long-term gas delivery agreement with CITIC Dicastal, indicating its commitment to secure gas supplies.
Operationally, SDX Energy has marked a significant achievement with the integration of its newly completed well, KSR-21, during the fourth quarter of 2023. This development is crucial as it enhances the company’s production capabilities. The commencement of production from this well is pending government approval, which is a standard regulatory step in the energy sector.
In addition to these developments, SDX Energy has informed its investors about the finalization of documentation related to the sale of its assets located in West Gharib, Egypt. This strategic move is expected to generate approximately $6.9 million USD in proceeds, subject to approval from the Egyptian government. This demonstrates the company’s efforts to optimize its portfolio and streamline its operations.
Simultaneously, SDX Energy is actively working on finalizing its divestment strategy for its remaining assets in Egypt, including the South Disouq project. This strategic decision underscores the company’s commitment to efficient resource allocation and focusing on core projects to enhance its overall operational efficiency and financial performance.
These developments reflect SDX Energy’s strategic initiatives to strengthen its position in the energy sector and optimize its portfolio to align with its long-term growth objectives.
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