TIDMSDX
RNS Number : 1429D
SDX Energy Inc.
25 April 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.
25 April 2017
SDX ENERGY INC
("SDX" or the "Company")
MOROCCO OPERATIONS UPDATE
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to provide an update on its Moroccan
activities.
Lalla Mimouna
The Lalla Mimouna Nord and Sud permits, covering an area of over
2211 km(2) located in the Rharb Basin, are being extended until
March 2018. The drilling campaign remains on schedule for two
exploration wells in the second half of 2017.
Sebou
At Sebou, a 135km(2) concession located in the Rharb Basin,
extensions have been granted for the following producing
concessions:
-- Gueddari NW to 2 February 2019
-- Gueddari Sud to 18 January 2020
-- Sidi Al Harati SW to 20 September 2023
-- Ksiri Central to 18 January 2025
The Sebou exploration permit is being renewed for eight years,
with SDX committing to drilling three exploration wells within the
first four-year period. SDX plans to drill two of the exploration
wells towards this commitment in 2017 in addition to the three
wells slated to be drilled in the Ksiri producing concession later
this year. These planned wells are all close to existing
infrastructure and can be put on production quickly.
The process of granting the awards and concession extensions
named above, are subject to the final standard customary approvals
by the Moroccan authority. This is the normal administrative
procedure in country.
Paul Welch, CEO of SDX Energy, commented:
"2017 has already proven to be an extremely active time for SDX,
as we focus on developing our assets across the portfolio, in both
Morocco and Egypt. We are encouraged by the opportunity set that we
have acquired and subsequently developed in Morocco. The extensions
in Sebou will allow SDX to execute on a drilling campaign that will
provide additional production capacity and reserves, if successful.
The Lalla Mimouna and Sebou concessions in Morocco provide us with
the potential to further grow the business as we seek to get the
most out of the opportunity that exists in Morocco's local gas
market.
"The remainder of the year is set to be a period of high
activity in Morocco, with a total of seven wells to be drilled.
This will continue to build on the solid progress made to date for
SDX in delivering high margin growth across the portfolio."
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 Dessert, 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 high impact exploration
opportunities in Egypt and 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.
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
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
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 future drilling and results thereof at the SD-1X well and the
production of a volume estimate should be regarded a
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; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labour and services.
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; 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 Management's Discussion &
Analysis for the three and twelve months ended December 31, 2016, ,
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, including its exploration activities.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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