Funding to further growth
SDX Energy has recently announced that it has raised US$10 million through an oversubscribed share placing. Placing funds will be used to accelerate activity with the money earmarked for two exploration wells in Egypt and two further development wells in Morocco. The two exploration wells in Egypt will be targeting an additional 150 BCF in the South Disouq licence following the company’s success at its SD-1X exploration well. The company has also decided to add a further two development wells to its seven well programme in Morocco which should help prove up additional reserves and allow it to boost production.