SDX’s Q1 2022 Production 17% Higher Than Expectations

SDX’s Q1 2022 Production 17% Higher Than Expectations

SDX Energy announced that its production has reached 4,017 barrels of oil equivalent per day (boe/d) during Q1 of 2022, which is 17% higher than the mid-point guidance of 3,425 boe/d due to high production levels in South Disouq and Morocco.

SDX stated that production reached 2,989 boe/d from its South Disouq assets, while its production from West Gharib reached 388 boe/d.

It added that its operated assets recorded a carbon intensity of 3.6kg CO2e/boe in Q1 2022 which is one of the lowest rates in the industry.

Mark Reid, CEO of SDX, commented: “The first quarter has been a successful period for the Company. Overall, our average production was 17% higher than mid-point guidance, with both Morocco and South Disouq outperforming and our operated assets continuing to demonstrate a sector-leading carbon intensity of just 3.6kg of CO2e/boe. In addition, we have had three successful wells drilled, including the SD-5X exploration well in South Disouq which has now been tied in and is contributing to production a month ahead of plan.”

“Cash generation from operating activities for the period was strong at US$6.6 million and the Company’s cash position has grown 14% from US$10.6 million at year-end 2021 to US$12.1 million at the end of the quarter, and is expected to improve further during the year,” Reid added.



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