SDX Energy Inc. STATEMENT REGARDING MEDIA SPECULATION (9573T)
January 11 2017 - 1:30PM
UK Regulatory
TIDMSDX
RNS Number : 9573T
SDX Energy Inc.
11 January 2017
SDX ENERGY INC
("SDX" or the "Company")
STATEMENT REGARDNG MEDIA SPECULATION
London - 11 January, 2017 - SDX notes the recent media
speculation concerning a potential acquisition and material equity
fundraising.
In line with its stated strategy of seeking value accretive
opportunities to expand the asset base in the North Africa region,
SDX is pleased to confirm that it has entered into non-binding
heads of terms ("HoT") with Circle Oil plc ("Circle Oil") for the
acquisition of Circle Oil's Egyptian and Moroccan businesses (the
"Acquisition"). The HoT has a 30 day exclusivity period.
The Acquisition is subject, inter alia, to the completion of due
diligence, documentation, compliance with all regulatory
requirements and conclusion of an equity fundraising. There can be
no guarantee that the Acquisition or equity fundraising will
proceed.
As previously announced, SDX is entering an exciting period for
the Company as it moves into the drilling phase of the work
programme at South Disouq in early 2017. In addition, the well
workover program at North West Gemsa continues, as does the
redevelopment, waterflood program and facility capacity upgrade at
Meseda.
Further announcements will be made in due course as and when
appropriate.
Commenting, Paul Welch, CEO, said:
"We have made clear our firm intentions to create shareholder
value by growing SDX into a profitable mid-tier E&P company.
Circle's assets present an attractive opportunity to add material
production and reserves at an attractive price. However, there is
no certainty that this deal will be completed. We remain excited
about the near term activities from our existing portfolio,
including the near term South Disouq exploration well, and look
forward to keeping our shareholders appraised of all
developments."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on Egypt. In Egypt, SDX has an interest in two
production concessions: North West Gemsa and West Gharib (Meseda)
both located in the Eastern Desert. SDX's portfolio also consists
of South Ramadan, a development asset in the Gulf of Suez; South
Disouq, an exploration asset in the Nile Delta. For further
information, please see the website of the Company at
www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
The information contained within this announcement is deemed by
SDX to constitute inside information as stipulated under the Market
Abuse Regulation. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Executive Mark Reid
Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe
(Nominated Adviser &
Joint Broker)
Sarah Wharry/Craig Francis
Tel: +44 207 7894 7000
GMP FirstEnergy Capital
LLP (Joint Broker)
Jonathan Wright/David
van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme / Jimmy
Lea
Tel: +44 207 520 9260
This information is provided by RNS
The company news service from the London Stock Exchange
END
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