2023-06-05 09:52:05
(Alliance News) – SDX Energy PLC said on Monday it renegotiated a gas sales agreement with one of its main customers in Morocco, which allowed it to receive a higher price for its production from May 1.
The Egypt and Morocco-focused energy company said the price increase of the renegotiated deal will allow it to expand its exploration and production in Morocco.
Morocco remains a priority for SDX Energy and authorizations for a summer drilling campaign in the country have already begun.
“We are delighted to have been able to renegotiate the gas sales agreement with one of our main customers and would like to thank [l’Office national des hydrocarbures et des mines] for his continued support. Morocco remains a core area for us and we are working to expand our footprint as an energy supplier in the country,” said Jay Bhattachejee, interim chairman.
Shares of SDX Energy jumped 8.2% to 5.30 pence on Monday morning in London.
By Heather Rydings, senior economics reporter at Alliance News
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