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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Fatma Ahmed 1963 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.

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