LONDON, June 5, 2019 /CNW/ - The Company announces that
the High Court of Justice Chancery Division in England and Wales (the "Court") 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 the Company (the "Capital
Reduction").
The order of the Court together with the statement of capital
approved by the Court, have been registered with the Registrar of
Companies and accordingly, the Capital Reduction is now
effective.
As a result of the Capital Reduction, the nominal value of
ordinary shares in the issued share capital of the Company is now
£0.01 each. There has been no change in the number of the
Company's ordinary shares in issue.
The purpose of the Capital Reduction is to restructure the
issued share capital and reserves of the Company and to create
distributable reserves to facilitate the payment of future
dividends, when it becomes commercially prudent to do so.
About the Company
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 (50% North West Gemsa & 50% Meseda) 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 in the Rharb Basin. These
producing assets are characterised by exceptionally low operating
costs making them particularly resilient in a low oil price
environment. SDX's portfolio also includes high impact exploration
opportunities in both Egypt and
Morocco.
For further information, please see the website of the Company
at www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
Forward‐Looking Statements
Certain statements contained in this press release may
constitute "forward‐looking statements". Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
the payment of dividends or future events or are not statements of
historical fact should be viewed as forward-looking
information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurances that they may prove to be correct. This includes, but is
not limited to, assumptions related to, among other things, ability
to obtain listing approvals and the availability in the future of
distributable reserves.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors to provide accurate
timing to the market, it cautions that due to the nature of its
operations and reliance on third parties this is subject to change
often at little or no notice.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward‐looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. Readers are
cautioned that the foregoing list of risk factors is not
exhaustive.
The forward‐looking information contained in this press release
is as of the date hereof and the Company does not undertake any
obligation to update publicly or to revise any of the included
forward‐looking information, except as required by applicable law.
The forward‐looking information contained herein is expressly
qualified by this cautionary statement.
SOURCE SDX Energy Inc.