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.
12 Jan 2017, 07:24
“Circle's assets present an attractive opportunity to add material production and reserves at an attractive price,” says SDX Energy boss Paul Welch.
SDX has 30 days of exclusivity to finalise a deal
SDX Energy Inc (LON:SDX, CVE:SDX) revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil.
A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.
Circle Oil’s AIM quoted shares were suspended in June amid financial turmoil and its investors were warned a number of times through the second half of 2016 that there would be ‘little or no value left’ for equityholders.
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.
Sunday, 18 December 2016
The Oil Ministry made a USD 100 mn payment to IOCs for overdue receivables, Al Mal reported. The payment was not made to major operators, but to smaller companies, including Circle Oil, TransGlobe Energy, and SDX, a source said. The source noted specifically that Circle Oil got 30% of its total receivables with a payment of USD 12-15 mn. Major players BP, Shell, Eni, and Apache are due a payment soon, the source added. EGPC said it will begin making monthly payments to the IOCs starting from 2017.
May 21, 2016
Circle Oil Plc, the Irish incorporated oil and gas exploration, development and production company, is looking to sell its 40% stake in North West Gemsa field.
The concessions are operated by a joint production company PetroAmir, whose partners include: EGPC, Zhen Hua (NPIC – 50% working interest and operator); Circle Oil Egypt Limited (40% working interest); and SDX Energy (10% working interest).
The NW Gemsa exploration license, which was converted to Al Amir and Geyad development leases, and lies in the Gulf of Suez area, has been put on offer by the company and the closing date for receiving offers was May 10th, according to Geol. Hassan Hataba, General Manager of PetroAmir.
Geol. Hataba cited difficult economic conditions, like many other oil companies, as the reason for putting up its stake for sale. He added that while several factors, such as declining in oil prices, increasing expenses and the company’s obligations to banks were the reasons for considering the sale.
March 15th, 2016
Circle Oil, the London-based independent with modest North Africa oil and gas production, last month blamed its tight cash flow and financial pressure on the ongoing “uncertainty and irregularity of US dollar receipts" from state-owned Egyptian General Petroleum Corporation (EGPC).
On March 15, however, it had some positive news. Negotiations with the World Bank’s International Finance Corporation (IFC) on suspending a redetermination by December 2015 of its Reserve Based Lending had been postponed, said Circle, “until 15 April 2016, with any repayments required under the RBL facility, which is currently drawn to $57.5 million, being postponed until that date.”
IFC had further, said Circle, indicated its willingness to consider further waivers as may be required while the company’s strategic review, led by the UK bank Investec, continues. Options for that include sale of one or more assets, a merger, raising fresh capital, or an outright sale of Circle.
