SDX Energy PLC SOUTH DISOUQ DISPOSAL TRANSACTION RECONSTITUTION (0708S)
March 07 2023 - 2:00AM
UK Regulatory
TIDMSDX
RNS Number : 0708S
SDX Energy PLC
07 March 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
7 March 2023
SDX ENERGY PLC ("SDX" or the "Company")
RECONSTITUTION OF SOUTH DISOUQ DISPOSAL TRANSACTION
SDX Energy Plc (AIM: SDX), announces that, at the request of the
Egyptian Natural Gas Holding Company ("EGAS"), its wholly owned
subsidiary, Sea Dragon Energy (Nile) B.V., ("Nile B.V.") and Energy
Flow Global Limited ("EFGL") have reconstituted the transaction
announced on 1 February 2022 (the "Reconstitution").
There is no change to the underlying economic substance of the
original transaction. Under the original transaction, EFGL acquired
an effective 18.15% interest in the South Disouq concession through
its acquisition of 33% in Nile B.V.. Under the Reconstitution, Nile
B.V has assigned a direct 18.15% interest in the South Disouq
concession to EFGL by way of a Deed of Assignment. EFGL has
simultaneously returned its 33% stake in Nile B.V. to SDX for a
nominal fee of $1. The parties have agreed to an effective date, as
of the signature by the Egyptian Minister of Petroleum of the Deed
of Assignment on 22 February, 2023.
As EFGL is considered a related party of SDX, the Reconstitution
represents a related party transaction under the AIM Rules. The
directors of the Company having consulted with the Company's
nominated adviser, consider that the terms of the transaction are
fair and reasonable insofar as its shareholders are concerned.
For further information:
SDX Energy Plc
Jay Bhattacherjee
Interim Executive Chairman
Tel: +44 203 219 5640
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton
Tel: +44 (0) 20 408 4090
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 203 757 4980
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:
the Company's reconstitution of the South Disouq disposal
transaction 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 2020, 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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