Renegotiation of Gas Sales Agreement in Morocco
Source: RNS
5 June 2023
SDX ENERGY PLC ("SDX" or the "Company")
Renegotiation of Gas Sales Agreement in Morocco
SDX is pleased to announce that it has, together with the Office National des Hydrocarbures et des Mines ("ONHYM"), renegotiated a gas sales agreement with one of its key customers in Morocco aligned with the regional development strategy and consequently will receive a higher gas price for production with effect from 1 May 2023.
This price increase will enable the Company to expand its exploration and production in Morocco, and permitting for the summer drilling campaign has already commenced.
Morocco remains a core focus for SDX and the Company is well placed to seize the opportunities presented by a very demanding energy market.
Jay Bhattacherjee, Interim Executive Chairman, said:
"We are delighted that we have been able to renegotiate the gas sales agreement with one of our key customers and would like to thank ONHYM for its continued support. Morocco remains a core area for us and we endeavour to expand our energy provider footprint in the country."
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For further information:
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SDX Energy Plc Jay Bhattacherjee, Interim Executive Chairman William McAvock, Chief Financial Officer Tel: +44 (0) 20 3219 5640
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Shore Capital (Nominated Adviser and Broker) Toby Gibbs/Iain Sexton Tel: +44 (0) 20 7408 4090 |
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Camarco (PR) Billy Clegg/Owen Roberts/Violet Wilson Tel: +44 (0) 20 3757 4980
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