RNS Number: 8832 Z SDX Energy Inc. 23 May 2019. SDX Energy Inc., the North Africa- focused oil and gas company announces that on 21 May 2019 Michael Doyle, Non-Executive Chairman of SDX, purchased 100,000 common shares and David Mitchell, Director of SDX, purchased 97,500 common shares in the Company at average prices of CAD $0.4128 and CAD $0.41 respectively..
RNS Number: 7655 Z SDX Energy Inc. 22 May 2019. Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 4713 Z SDX Energy Inc. 20 May 2019. Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
SDX Energy Unexpected news from SDX this morning as the company reduces guidance and parts company with its CEO. Q1 production was 3,715 boe/d, up 22% on the equivalent quarter last year but 5% down on Q1 due to an increased water cut at NW Gemsa which is still declining. Work on the CPF at South Disouq continued in the quarter but first gas is now expect in 4Q 2019. The company has ‘robust’ operating cash flow of $7m after spending $13m on capex in the period so SDX is still in a strong position. It leaves them with cash of $11m at 31/3/19 and with the $10m EBRD facility undrawn. The company has brought down sales guidance for Morocco to 6.0-6.5 MMscf/d (from 9-11) citing fewer new customers and one existing client scaling down usage which is the only disappointing number, should it manifest itself. Accordingly CEO Paul Welch has fallen on his sword which will appease those who have been-correctly- bearish on the shares but I am confident that particularly ironically in Morocco there is solid business for the longer term and that this guidance change may have been on the conservative side. Where does that leave SDX? Mark Reid who has taken over as interim CEO will do an excellent job, he is one of the best CFO’s in the sector and could certainly step up for as long as is needed and the rest of the team is first rate. The shares have fallen a long way even before today and whilst there will be understandable short term concern, a business such as this with a market cap of only around £50m seems to be potentially very good value.
SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce that shareholders have voted in favour of all items of business brought before them at the Company's annual and special meeting of shareholders held in London, United Kingdom today.. Pursuant to the Arrangement, SDX UK will acquire all of the issued and outstanding common shares...
SDX Energy Inc., the North Africa- focused oil and gas company, announces its financial and operating results for the three months ended March 31, 2019 and a Directorate change. ·Q1 2019 production of 3,715 boe/d, an increase of 22% from Q1 2018, due to successful drilling in North West Gemsa and Meseda and increased gas sales in Morocco. ·Post period end, production...
SDX Energy Inc., the North Africa focused oil and gas company, reminds shareholders that it will hold an annual and special meeting of shareholders at the Holiday Inn London Oxford Circus, Meeting Room 3, 57-59 Welbeck Street, London, W1G 9 BL, London, United Kingdom, on Friday 17 May 2019 at 9:00 am. SDX is an international oil and gas exploration, production and...
NAV and forecast update - South Disouq delays SDX Energy In this note, we update our short-term forecasts and NAV to reflect delays at South Disouq, with first gas postponed from mid-2019 to the end of 2019. Management is confident that first gas will be delivered in Q419, with the pipeline infrastructure largely installed. SDX retains the option to deliver first gas ahead of Q419 through a leased early production facility (EPF), but only a short window exists for this to be commercially viable ahead of the completion of the permanent central gas processing facility (CPF). Conservatively, we assume first gas at the end of 2019, a six-month delay to our previous forecasts. The impact of the South Disouq delay on NAV is small at -3%, as production is deferred, although there is a material impact on FY19 cash flow expectations (CFO -20%). However, the combined impact of the South Disouq delay and lower forecast Moroccan and NW Gemsa volumes reduce our RENAV by c 13% to 86.5p/share. We expect SDX Energy to end the year with $11m in cash and no debt ($10m undrawn). Delays are unlikely to have a knock-on effect on the company’s committed eight- to nine-well H219 exploration programme. Analysts Sanjeev Bahl Carlos Gomes Elaine Reynolds
SDX Energy Inc. (SDX) Final Results SDX Energy released its final results on 22 March. The company reported net income in 2018 of US$0.1 million which was lower than expected due to an exploration expense and an impairment whilst the underlying performance was in line with expectations. After a quiet end to the year, the company is now gearing up to start an exciting exploration programme in both Morocco and Egypt in the second half of 2019 which has the potential of adding significant reserves and resources.
SDX Energy SDX has announced that it has an agreement to cancel its TSX-V listing by swapping UK shares for Canadian shares on a one-for-one basis. This will cut costs, give better liquidity and be more attractive for investing institutions who prefer to deal in London. The company has also warned that the start up of South Disouq may be delayed, the mid 2019 target is based on an Early Production Facility going hand in glove with the Central Processing Facility which, believe it or not, requires separate commercial deals between all parties. The wells are all drilled and the pipeline is connected but the discussions are taking a little longer than expected. With the peak season for gas in the July-September window the authorities have every incentive to deliver in the best interests of the country but there are always some small points to clarify. I get the impression from the company that they are taking the hit now and flagging up a potential delay so that it does not look really bad if it was announced at the last minute which is eminently sensible. The deal is a transformational one for the company and this delay will not alter the value to them but it is understandable that investors, who have watched the progress of the work for so long should be impatient at the hold-up.
Shares in SDX Energy (SDX) are off 8 per cent this morning, after the North African explorer-producer told the market that gas production at South Disouq could face delay. Initially, the group had hoped to start producing by mid-year 2019, but investors have now been told this was contingent on an agreement to lease an early production facility. This has not yet been signed, ad so the start-up date for gas production has been pushed back to the fourth quarter, a development which SDX president and chief executive Paul Welch described as “disappointing”.
SDX Energy Inc. (SDX.L) Announced that it has entered into an arrangement agreement on 5 April 2019 (the Arrangement Agreement) between the company and SDX Energy plc (SDX UK) (a newly incorporated whollyowned subsidiary of the company).
SDX Canada arrangement agreement for proposed re-domicile to the UK. Pursuant to the Arrangement Agreement, SDX UK will acquire all of the issued and outstanding common shares in the capital of the Company in exchange for new ordinary shares in SDX UK on a one-for-one basis to facilitate the Company's proposed reorganisation to effect a re-domicile to the...
Shares in SDX Energy (SDX) are down 8 per cent this morning, after the North African explorer-producer posted an underwhelming set of full-year numbers. A $5.7m exploration write-off, a $3.5m impairment charge, and a 98 per cent tax charge meant net profit came in at just $0.1m, compared with $28.3m in 2017. The previous year’s figures were arguably skewed by gains on the revaluation of the Circle assets, though a lower capital expenditure bill in 2018 failed to stop a decline in net cash to $17.3m. Production guidance for 2019 has been reduced, and reserves are down. Under review.
SDX Energy Full year results from SDX this morning and whilst almost all the data was already known they were a very impressive set of numbers. Net revenue was up 37% to $53.7m and more importantly netbacks were up to $41.7m ($28.9m). Cash was down slightly to $17.4m ($25.8m) but that figure is also good given the $44m invested by the company last year. Production was 3,574 boed last year but will double this year with the bringing on of South Disouq where the central processing facility, the 10km pipeline and the four well tie-ins are complete and ready to start production of 50-60 MMscf/d in the middle of this year. In Morocco business is going extremely well, SDX has picked up three new customers recently and are expecting two more this month, the Peugeot factory should go fully operational in May thus making suppliers, who also take SDX gas keen to deliver. The target of production by the year end of 9-11 MMscf/d may therefore be achieved earlier than expected and with new customers paying towards the top of the $10-11+ range the economics look stunning. More importantly, SDX has announced that it is restarting its drilling programme in Morocco with a 12 well programme in the autumn of which three may be in this year. The drilling campaign in Morocco, along with a number of exploration and infill wells in Egypt are all funded internally by SDX coming from existing cash balances and free cash flow which is helped by a 36% fall in receivables during the course of the year. With South Disouq coming on-stream in the middle of the year and the Morocco campaign scheduled for 3Q 2019 the stage is set for SDX to flourish and they are plenty cheap enough at the moment so upside progress of a substantial nature should be made.
SDX Energy Inc. (SDX.L) Announced, in its final results for the year ended 31 December 2018, that revenues rose to $53.7 million from $39.2 million posted in the preceding year. The company's profit before tax stood at $7.1 million, compared to a profit of $32.8 million reported in the previous year. The basic earnings per share stood at $0.001, compared to earnings of $0.153 reported in the last year. The company's cash and cash equivalents stood at $17.3 million (2017: $25.8 million).