SDX Energy Inc. Commencement of drilling operations (8775Z)
March 20 2017 - 2:01AM
UK Regulatory
TIDMSDX
RNS Number : 8775Z
SDX Energy Inc.
20 March 2017
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.
20 March, 2017
SDX ENERGY INC.
("SDX" or the "Company")
Commencement of drilling operations at South Disouq
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to announce the commencement of
drilling operations on the SD-1X well at its South Disouq
concession in Nile Delta area of Egypt.
The well is targeting gas in the upper Abu Madi section and oil
in the lower AEB & Abu Roash sections. Drilling operations are
anticipated to take between 30 and 45 days, depending upon what is
encountered in the targeted intervals.
The Company is also pleased to confirm that upon commencement of
operations it has been granted a six-month extension to the first
exploration period, until 19 September 2017. This will allow
sufficient time for the SD-1X well results to be fully evaluated
prior to making any decision to enter into the second exploration
period at South Disouq.
Paul Welch, President and CEO of SDX, commented:
"We are extremely pleased to announce the start of this drilling
campaign, as well as the extension to the exploration period. This
is one of several activities, across the expanded SDX portfolio,
that has the potential to further increase our reserve base and
ultimately add to our high margin production base. We look forward
to providing updates over the course of the campaign."
About SDX
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 Energy 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 Energy's
portfolio also includes two high impact exploration opportunities,
South Disouq in Egypt and Lalla Mimouna in 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.
Unless otherwise defined, capitalised terms used in this
announcement have the same meaning as set out in the Acquisition
Announcements.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Mark Reid
Executive Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Cantor Fitzgerald Europe (Nominated Adviser)
Sarah Wharry/Craig Francis
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright/David van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/Joanna Boon/Jimmy Lea
Tel: +44 207 520 9260
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking Information - This news release contains
statements that may constitute "forward-looking information" as
such term is used in applicable Canadian securities laws.
Forward-looking information reflects management's expectations
regarding the future growth, results of operations, and performance
of the Company based on information currently available to the
Company. These statements relate to analyses and other information
that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. 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 and should be viewed as forward-looking statements. In
particular, statements concerning the future prospects and strategy
of the Company and its assets, and the results referenced or
implied herein should be viewed as forward-looking statements.
Forward looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
and other factors include, among others, costs and timing of
exploration and production development, availability of capital to
fund exploration and development and political, social and other
risks inherent in carrying on business in Egypt and Morocco. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements
contained in this news release.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements and if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Although SDX has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Investors are cautioned that
such forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those currently
anticipated. SDX's Annual Information Form for the year ended
December 31, 2015, filed on the Company's SEDAR profile on April
29, 2016, has a full description of the risks and uncertainties
associated with the Company's business, including its exploration
activities. Such risk factors and uncertainties, as well as the
information set out under the headings "Risk Factors - Risks
relating to Egypt" and "Risk Factors - Risks relating to Morocco"
in the news release of the Company dated January 24, 2017, which is
available on the Company's SEDAR profile, should be referred to and
read in their entirety. 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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