SDX Energy announced that it raised $10 million to boost the company’s exploration of its South Disouq Concession in Egypt and fund its development programs in Morocco, Egypt Oil & Gas reports.
Using the funds, SDX Energy plans to further develop the South Disouq Concession. The company aims to drill two additional exploration wells in the concession in an attempt to recover 150 billion cubic feet (bcf) of natural gas.
The company expects the wells to cost $2.5 million each. It hopes to begin selling gas from the South Disouq Concession in the first half of 2018.
Some of the funds raised will be retained by the company to maintain sufficient liquidity levels.
SDX Energy is an oil and gas company created in October 2015 by the merger of Sea Dragon Energy and Madison PetroGas. It focuses on North Africa.