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SDX Energy PLC - London-based oil and gas company - Reports an average entitlement production of 3,778 barrels of oil equivalent at May 31, 10% higher than the mid-point 2022 market guidance of 3,425 boepd. Notes production in Morocco and South Disouq was above guidance while West Gharib production was behind due to mechanical issues. Expects West Gharib production to increase in the second half of the year. Condensate production from the SD-5X well at South Disouq is better than expected at gross 100 to 110 barrels per day compared to pre-drill expectations of 25 to 30 bopd.
Chief Executive Mark Reid says: ‘Our drilling results in South Disouq and West Gharib over the past five months have been excellent with six successful wells and with operations ongoing on another well at West Gharib. A one hundred percent success rate to date. Our drilling success in South Disouq in particular has enabled us to identify further material prospectivity in and around our leases. Production continues to be above guidance.’
Current stock price: 9.10 pence, up 0.2% in London
12-month change: down 45%
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