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Britain’s SDX in ‘Advanced Planning’ to Drill 12 Morocco Wells

A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
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Britain’s SDX in ‘Advanced Planning’ to Drill 12 Morocco Wells

A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal

Planning for the drilling of 12 wells in Morocco is at an “advanced stage,” with the campaign targeted to begin in the fourth quarter of 2019 and complete in the first half of 2020, Britain’s SDX Energy PLC, a North Africa-focused oil and gas company, has announced.

All long lead items have been ordered and all key contracts finalized, SDX announced in a statement. The program will be targeting 15bcf of gross unrisked prospective resources at the Gharb Basin, north of Rabat, it said.

According to the company, its Morocco gas sales are now at an average of 745 boe/d.

The company's Moroccan acreage consists of five concessions, all of which are located in the Gharb Basin in northern Morocco: Sebou, Lalla Mimouna Nord, Gharb Centre, Lalla Mimouna Sud, and Moulay Bouchta Ouest, with the latter two secured by the firm during the first half of 2019.

In 2018, the company began selling natural gas to Peugeot, Extralait, and GPC Kenitra. During the first half of 2019, natural gas sales began to three additional customers: Setexam, Citic Dicastal and Omnium Plastic.

The six new customers have been increasing their consumption rates, with several expected to reach stabilized rates during the second half of the year, the statement added.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.