SDX Energy Inc. Operations Update (3300B)
June 16 2016 - 2:00AM
UK Regulatory
TIDMSDX
RNS Number : 3300B
SDX Energy Inc.
16 June 2016
For Immediate Release 16 June 2016
SDX ENERGY INC
Operations Update
London, England - June 16, 2016, SDX Energy Inc. ("SDX" or the
"Company") (TSXV, AIM: SDX) provides an update on its activities on
the Manatee-1X exploration well in Bakassi West, Cameroon.
Further to the announcement on March 28 regarding the completion
of drilling activities on the Manatee-1X well, located in shallow
water in the Rio Del Rey Basin, offshore Cameroon, SDX announces
withdrawal from the concession.
The Company held a 35% working interest (38.89% paying interest)
in the concession, which was operated by Dana Petroleum.
The Operator requested a one-year extension to complete analysis
of the results of the well, which intersected 26 metres of gas
bearing section of varying quality throughout the wellbore.
Wellbore conditions did not allow the acquisition of a full suite
of logging tools in the deeper sections of the hole and made the
analysis of the lower intervals in the well inconclusive.
Authorities did not grant the Operator's proposal of a one-year
extension and instead asked the Company to enter into the second
exploration period, which required an additional well commitment;
SDX declined to continue to move forward with this project.
Paul Welch, CEO, commented;
"The Bakassi West concession is not a core asset to our business
and we do not believe it would have been prudent to continue
investing in it. The Bakassi West concession was acquired by SDX in
October 2015 as a result of a merger between Sea Dragon Energy and
Madison PetroGas. Whilst the concession was an exciting
opportunity, it was fundamentally non-core, and our subsequent exit
allows the Company to focus all of our efforts on growing our high
margin production business in our core assets across Egypt. We are
continuing to move forward as planned with our operations in Egypt
and I look forward to reporting on our progress in subsequent
updates."
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 and 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.
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/ Hannah Brandstaetter/
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.
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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