SDX Energy's KSS-2 well disappoints in Morocco

2/21/2018

LONDON -- SDX Energy Inc., the North Africa focused oil and gas company, announces that the KSS-2 well on the Sebou permit in Morocco was drilled to a TD of 1,293 m, encountering 8 net m of high quality reservoir interval in the Gaddari and Guebbas sequences with an average porosity of 30%. However, while the intervals came in on prognosis, they had low gas saturation and were not deemed to be commercial.

The KSS-2 well is the sixth in the Company’s current nine-well campaign, of which four wells have been commercial discoveries. As a result of the campaign’s success to date, the result of the KSS-2 well is not expected to impact the Company’s previously announced planned production increase in Morocco in 2018.

Unlike the previously drilled targets, the KSS-2 prospect was on the upthrown side of the main bounding fault in the Ksiri area. This fault appears to have isolated the KSS-2 well from the source rock, resulting in low gas saturations. The next well in the campaign, the SAH-2 well, will be located on the downthrown side of the fault, drilling a similar structure to the Company ’s recently successful wells. The Company therefore believes that the reservoirs targeted by the SAH-2 well will have a higher probability of being commercially charged than the KSS-2 well.

The KSS-2 well will now be plugged and abandoned and the drilling rig will move to the SAH-2 drilling location.

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