SDX Energy Inc. Operations Update (9381A)
June 13 2016 - 2:00AM
UK Regulatory
TIDMSDX
RNS Number : 9381A
SDX Energy Inc.
13 June 2016
For Immediate Release 13 June 2016
SDX ENERGY INC
Operations Update - 3D Seismic at South Disouq
London, England - June 13, 2016, SDX Energy Inc. ("SDX" or the
"Company") (TSXV, AIM: SDX) provides an update on its activities at
its South Disouq asset located onshore Nile Delta Egypt.
Further to the announcement on 16 March 2016 regarding the
commencement of a 3D seismic programme at the Company's South
Disouq asset where SDX has a 55% equity interest and is operator,
SDX is pleased to confirm that the seismic acquisition programme
has been completed as of 12 June 2016. The programme consisted of
the acquisition of 300 km(2) of 3D data and has been completed
safely, under budget and ahead of the anticipated schedule.
The initial data set is of good quality and clearly indicates
the presence of the prolific Abu Madi trend within the block. Data
processing will commence immediately and is anticipated to take 3
months to complete. The Company intends to use the processed data
to build a prospect inventory with a view to selecting a location
for a fully carried exploration well, which is anticipated to be
drilled in late 2016.
Paul Welch, CEO, commented;
"We are delighted that the seismic programme has been completed
early and we are excited to begin fully processing the data. The
initial data set is of high quality and shows evidence on our block
of the Abu Madi trend, along which operators have made large
commercial discoveries in recent years. Additionally, this new data
has allowed us to image deeper stratigraphy much better than
originally anticipated which opens up a new range of potential
targets within the block, several of which may be oil bearing.
Whilst our principal strategic focus is on generating profitable
cash flow via our high-margin producing assets, exploration
represents an important part of our growth strategy and we look
forward to drilling this high impact and carried exploration well
later this year."
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; and Bakassi West,
an exploration block in Cameroon within the prolific Niger Delta
Basin. For further information, please see the website of the
Company at www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
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
FirstEnergy Capital LLP
(Joint Broker)
Jonathan Wright/David
van Erp
Tel: +44 207 448 0200
Buchanan (PR)
Ben Romney/Madeleine Seacombe
Tel: +44 207 466 5000
Advisory
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the
London Stock Exchange the technical information contained in the
announcement has been reviewed and approved by Paul Welch, Chief
Executive Officer of SDX. Mr. Welch, who has over 30 years of
experience, is the qualified person as defined in the London Stock
Exchange's Guidance Note for Mining and Oil and Gas companies. Mr.
Welch holds a BS and MS in Petroleum Engineering from the Colorado
School of Mines in Golden, CO. USA and an MBA in Finance from SMU
in Dallas, TX USA and is a member of the Society of Petroleum
Engineers (SPE).
Forward-Looking Statements
Certain statements contained in this press release constitute
"forward-looking statements" as such term is used in applicable
Canadian securities laws. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or are
not statements of historical fact should be viewed as
forward-looking statements. In particular, statements concerning
the completion of processing of data from the 3D seismic survey
should be viewed as forward-looking statements.
The forward-looking statements contained in this document are
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 statements because SDX can give no assurances that
they may prove to be correct. This includes, but is not limited to,
assumptions related to, among other things, the sufficiency of
budgeted capital expenditures in carrying out planned activities;
and the availability and cost of labour and services.
By their very nature, forward-looking statements are 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; failure to realize the
anticipated benefits of the Transaction and to successfully
integrate the Parties; 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 and are advised to reference SDX's Annual
Information Form for the year ended December 31, 2015 for a
description of additional risks and uncertainties associated with
SDX's business, including its exploration activities, which can be
found on SDX's SEDAR profile at www.sedar.com.
The forward-looking statements contained in this press release
are made as of the date hereof and SDX does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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