RNS Number: 4122 D SDX Energy PLC 26 June 2019 THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO. 596/ 2014. Oil discovery at Rabul-7 Well, West Gharib Concession, Egypt. SDX Energy plc, the North Africa focused oil and gas company, is pleased to announce that an oil...
SDX Energy Plc (SDX.L) Announced that following a press release by Waha Capital (Waha), a 19.48% shareholder of the company, through its wholly-owned subsidiary SDX SPV Limited, in which it announced the departure of Michael Raynes as CEO, Mr. Raynes has resigned as a Director of the company and from his role on Board of directors as nominee of SDX SPV Limited. The company advised that Waha intends to appoint a new nominee to Board upon the finalisation of the appointment of Waha's new CEO in the near future.
SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a working interest in two producing assets located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in the Sebou concession situated...
FY19 management guidance reset SDX Energy Despite our last published FY19 forecasts reflecting a more conservative production ramp-up than management guidance, SDX’s guidance revisions have resulted in a further downgrade to our short-term cash flow forecasts and NAV. We reduce FY19e production from 4.3kboed to 3.4kboed (-21%) and project more moderate growth in SDX’s Morocco gas demand with an associated RENAV impact of -42%. Key drivers of management’s downgrade include lower Sebou gas demand growth, a higher than anticipated water cut at North West Gemsa and a delay to production ramp-up at South Disouq. Our valuation falls from RENAV 86.5p/share to 49.8p/share (-42%), while our core NAV (producing assets and South Disouq) falls from 70.1p/share to 45.0p/share (-36%). Based on our latest estimates, we expect SDX to end FY19 with c $4.9m of net cash on the balance sheet. Analysts Sanjeev Bahl Carlos Gomes
SDX Energy Plc (SDX.L) Announced the High Court of Justice Chancery Division in England and Wales (the Court) made an order confirming the reduction of share capital of the company pursuant to section 648 of the Companies Act 2006 by cancelling the paid up capital of the company to the extent of 19p on each ordinary share of £0.20 in the issued share capital of the company (the Capital Reduction).
The Company announces that the High Court of Justice Chancery Division in England and Wales made an order yesterday confirming the reduction of share capital of the Company pursuant to section 648 of the Companies Act 2006 by cancelling the paid up capital of the Company to the extent of 19 pence on each ordinary share of £0.20 in the issued share capital of...
SDX Energy SDX has announced that it has completed its re-domicile to the UK and that SDX Canada shares were de-listed from the TSX on Friday with the London listing today.
SDX UK and SDX Canada announce completion of the arrangement to facilitate. Pursuant to the Arrangement, among other things, SDX UK acquired all of the issued and outstanding common shares in the capital of SDX Canada in exchange for new ordinary shares in SDX UK on a one-for-one basis. SDX UK, an international oil and gas exploration, production and development...
On May 27, 2019, pursuant to the Arrangement, among other things, holders of the common shares of SDX Canada exchanged their common shares for ordinary shares of SDX UK on a one-for-one basis.. Following completion of the Arrangement, SDX SPV Limited no longer holds any SDX Canada Shares; however, based on there being 204,723,041 issued and outstanding SDX UK...
SDX UK and SDX Canada announce completion of the arrangement to facilitate. Pursuant to the Arrangement, among other things, SDX UK acquired all of the issued and outstanding common shares in the capital of SDX Canada in exchange for new ordinary shares in SDX UK on a one-for-one basis. SDX UK, an international oil and gas exploration, production and development...
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.L
SDX Energy, Inc.
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Company Profile

SDX Energy is engaged in exploring, developing and operating oil and gas properties, focusing primarily on Egypt.

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HQ
38 Welbeck Street
London
W1G 8DP
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