Tuesday, 14th July 2020
SDX Energy has announced that it sold 50% working interest in the North West Gemsa license which is located in the Eastern Desert, to Gulf Energy, a private Egyptian oil and gas company, for an amount of $3 million, according to a press release.
It stated that the purchaser company will use $1.4 million to discharge the company’s remaining liabilities on the license.
The company elaborated that this action is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio whilst also providing additional cash to further strengthen its balance sheet.
CEO of SDX, Mark Reid, commented “We are pleased to complete the sale of our interest in the North West Gemsa license. Whilst we have presented our interest in the license as non-core for some time, owing to its reducing production and marginal netbacks, it is a welcome outcome to be exiting the license with a useful cash consideration and also avoiding the upcoming associated budgeted capex of approximately $2.0 million for the year.”
Wednesday, 22 November 2017
SDX Energy announced completing a number of projects in Egypt during 3Q2017. The company concluded a twelve-well program at North West Gemsa, which should allow it to achieve its 5,000 boepd target for the year, in addition to finalizing the expansion of a processing facility at its Meseda project by increasing treatment capacity to 20,000 bfpd from 10,000. In South Disouq, SDX is in talks with Natural Gas Holding Company to drill an additional two wells and add 10 km of pipe to the main export line, which it hopes to complete in 1H2018. SDX has also completed development plans for its South Ramadan concession and should begin moving forward on the project soon. The company attributed the rise in its 3Q2017 net revenues to USD 10.1 mn, from USD 2.9 mn in 3Q2016 to “the acquisition of the Egyptian and Moroccan businesses of Circle Oil” in January this year.
JULY 5, 2017
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to provide an operational update.
Egypt
South Disouq (55% Operated working interest)
Following the successful drilling of the SD-1X exploration well and resulting natural gas discovery at South Disouq, a Resources Update was prepared on behalf of SDX by Gaffney, Cline & Associates (GCA), an independent global oil & gas consultancy. The Company is pleased to announce the initial results shown below using Canadian NI-51-101 Reporting designations:
Saturday, 28 January 2017 11:02
London-based Oil and gas explorer SDX Energy has bought Circle Oil's subsidiaries in Egypt and Morocco for about $30 million.
The acquisitions are expected to increase working production by 247% to about 4,705 barrel of oil equivalent per day and its net working interest 2P reserves will grow by 64% to 12.03m barrels of oil equivalent.
The company funded the acquisitions by raising about $40m (32.1 million) from a placing of 107.05 million shares at 30p each, which were admitted to trade on AIM on Friday. An application has also been made for the shares to trade on the TSX Venture Exchange in Canada. The shares represent 57.28% of the company's total issued share capital.
