TIDMSDX
RNS Number : 4105R
SDX Energy PLC
01 March 2023
01 March 2023
SDX ENERGY PLC ("SDX", the "Company" or the "Group")
OPERATIONAL AND CORPORATE UPDATE
SDX Energy Plc (AIM: SDX) provides the following operational and
corporate update:
Egypt - South Disouq
-- Average gross production of 38.5 MMscfe/d (2,720 boe/d net to SDX) for full year 2022.
-- The SD-5X well, drilled in Q2 2022, is on production and is
exceeding the immediate post-drill volume expectations. It is
expected in place volumes will be increased for this well.
-- Evaluation of the MA-1X well, drilled in Q2-Q3 2022, has been
completed and SDX is moving forward on applying for a development
lease for the Mohsen discovery. Updates on the progress of the
application will be communicated to the market in due course.
-- In 2023, it is anticipated that workover operations will be
performed on SD-3X and SD-4X wells, recompleting the wells to
shallower reservoirs to maximise recovery, and on IY-2 to restart
production from the existing reservoir.
Egypt - West Gharib
-- Average gross production of 2,033 boe/d (389 boe/d net to SDX) for full year 2022.
-- Since October 2022, the development infill drilling campaign
has continued with the FDLN-2 and Rabul-9 having been drilled,
completed and brought on-line. This brings the total number of
wells drilled in the current campaign to eleven.
-- Operations at the Rabul SE-1 exploration well are currently
ongoing and the results of this well will be communicated to the
market in due course.
-- Workover operations on the existing well-stock to maximise
recovery from the fields continues.
-- The operator is evaluating options to increase recovery and
plans to bring water injection on the Rabul field.
Morocco
-- Morocco gross production averaged 4.9 MMscf/d for 2022.
-- The SAK-1 discovery well, drilled in Q3 2022, was connected
to the network and a long term well test via production is being
carried out.
-- The KSR-20 discovery well, also drilled in Q3 2022, was
tied-in to the infrastructure and is currently on production.
-- Development activities are ongoing with the testing and
tying-in of the 2019 BMK-1 discovery and the connection of our
infrastructure to the DOB region.
Corporate Update
-- Crowe LLP ("Crowe") has been engaged as auditor to the
Company. The appointment of Crowe will be subject to approval by
shareholders at the next Annual General Meeting of the Company.
-- 2022 Year-end results are expected to be published near the end of April 2023.
-- SDX focussed on delivering new vision focused on operational
and technical excellence, disciplined growth, profitability, and
cash flow generation through organic and inorganic
opportunities.
-- Daan Hanssen, the Interim CFO, has tendered his resignation
in order to pursue other interests and will be leaving the Company
at the end of May 2023.
Jay Bhattacherjee, Executive Chairman of SDX, commented:
"Since my appointment to SDX, we have made solid operational
progress, particularly in Egypt despite the current volatile
currency situation in country. We are pushing forward to create a
sustainable and repeatable strategy to be a leading player in the
energy sector and I am confident that through a disciplined
approach, we will have the opportunities to deliver future growth
as we implement changes to the business for the benefit of our
shareholders.
"The Board would like to thank Daan for his support and
dedication and we wish him all the best in his future
endeavours."
Standard
Estimates of reserves and resources have been prepared in
accordance with the June 2018 Society of Petroleum Engineers
("SPE") Petroleum Resources Management System ("PRMS") as the
standard for classification and reporting with an effective date of
31 December 2021 and in accordance with National Instrument 51-101
- Standards of Disclosure for Oil and Gas Activities ("NI 51-101")
of the Canadian Securities Administrators.
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 Dr Rob Cook, VP
Subsurface of SDX. Dr. Cook has 30 years of oil and gas industry
experience and is the qualified person as defined in the London
Stock Exchange's Guidance Note for Mining and Oil and Gas
companies. Dr. Cook holds a BSc in Geochemistry and a PhD in
Sedimentology from the University of Reading, UK. He is a Chartered
Geologist with the Geological Society of London (Geol Soc) and a
Certified Professional Geologist (CPG-11983) with the American
Institute of Professional Geologists (AIPG).
For further information:
SDX Energy Plc
Jay Bhattacherjee
Interim Executive Chairman
Tel: +44 (0) 203 219 5640
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton
Tel: +44 (0) 207 408 4090
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 203 757 4980
Glossary
"MMscf/d" Million standard cubic feet
per day
"MMscfe/d" Million standard cubic feet
equivalent per day
------------------------------
"boe/d" Barrels of oil equivalent per
day
------------------------------
About SDX
For further information, please see the Company's website at
www.sdxenergygroup.com or the Company's filed documents at
www.sedar.com .
Forward-looking information
Certain statements contained in this press release may
constitute "forward-looking information" 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 information. In particular, statements regarding
future drilling developments and results in the Company's Moroccan
concessions, and the time in which the Company intends to update
the market on its future results should be regarded 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 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, commodity prices and
interest and foreign exchange rates; planned synergies, capital
efficiencies and cost-savings; applicable tax laws; future
production rates; receipt of necessary permits; the sufficiency of
budgeted capital expenditures in carrying out planned activities,
and the availability and cost of labour and services.
All timing given in this announcement, unless stated otherwise,
is indicative, and while the Company endeavours 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. If there is a delay or change
to any of the timings indicated in this announcement, the Company
shall update the market without delay.
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; permitting risks; the 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 refer to
the Principal Risks & Uncertainties section of SDX's Annual
Report for the year ended 31 December 2021, which can be found on
SDX's SEDAR profile at www.sedar.com , for a description of
additional risks and uncertainties associated with SDX's
business.
The forward-looking information contained in this press release
is as of the date hereof and SDX 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.
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END
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