SDX Energy Makes Fifth Gas Discovery in Morocco

Rabat – The British gas company SDX Energy continues to outperform expectations. The UK-based company announced on Friday, March 9, a new gas discovery at the SAH-2 well in Sebou only a few weeks after it made a new gas discovery in the Gharb basin. “The well was drilled to a depth of 1,304 meters and found porosity of 33 percent, exceeding the initial forecasts of the company,” said the company in an official statement. The well, SAH-2, is the fifth discovered by the company and one of the seven wells drilled as part of its nine-well campaign in Morocco. According to the company, the well will be tested before being connected to the existing infrastructure. An update on the results of the tests will be announced next April.“The drilling operations will proceed with the eighth well, dubbed LNB-1, located at Lalla Mimouna,” Ecofin Agency said in a statement.SDX was granted a four-month extension to July 22, 2018 at its Lalla Mimouna permit, allowing it sufficient time to evaluate the results of its exploration drilling campaign.SDX is an international oil and gas exploration, production, and development company, headquartered in London with a principal focus on North Africa. The exploration company entered the Moroccan market in January after acquiring Circle Oil’s shares in Morocco for USD 30 million. The British company is now endowed with an eight-year permit to drill for gas in the Gharb basin. In addition, the company successfully renewed their permits for the Gueddari Northwest, Gueddari South, Sidi Al Harati Southwest, and Ksiri Center sites. These permits will expire in 2019, 2020, 2023, and 2023, respectively. In total, SDX Energy obtained licenses for seven drilling sites from the National Office of Hydrocarbons and Mines, which holds 25 percent of working interests of SDX Energy’s activity in Morocco.SDX’s portfolio also includes high impact exploration opportunities in Egypt. The group has a 50 percent working interest in two producing assets located onshore in the Eastern Desert, adjacent to the Gulf of Suez. These producing assets are characterized by exceptionally low operating costs, making them particularly resilient in a low oil price environment. read more

Indigo narrows firstquarter loss as its general merchandise sales grow

TORONTO – Indigo Books & Music Inc. (TSX:IDG) tightened losses by more than 35 per cent in the first quarter as it further grew its general merchandise business.The Toronto-based retailer, which has been putting more emphasis on stationary and home decor items, reported a net loss of $9 million for the quarter ended June 27, or 35 cents per share.That compared to a loss of $14 million, or 55 cents per share, in the same period a year ago.Overall, revenue climbed to $189.4 million from $180.8 million in the same period of last year.About 66 per cent of sales came from books and other print products like magazines and newspapers, while nearly 31 per cent was from its general merchandise, which includes its lifestyle, paper and toys business.Online sales through the Indigo website grew 18.2 per cent to $24 million in the period.Chief executive Heather Reisman said in a statement that the improvement confirms that the company’s strategy is moving in the right direction.Indigo Books & Music operates 90 large format stores under the Chapters and Indigo banners, as well as 126 smaller locations with names like Coles, Indigospirit and SmithBooks. During the quarter it closed one large format location and one of its smaller stores. Indigo narrows first-quarter loss as its general merchandise sales grow by The Canadian Press Posted Aug 4, 2015 3:20 pm MDT Last Updated Aug 4, 2015 at 4:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more