SDX Energy Inc. Three year US$10 million Credit Facility signing (9520U)
July 18 2018 - 1:00AM
UK Regulatory
TIDMSDX
RNS Number : 9520U
SDX Energy Inc.
18 July 2018
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.
18 July 2018
SDX ENERGY INC.
("SDX" or the "Company")
Signing of three year US$10 million Credit Facility for
Morocco
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to announce that, through its
subsidiary SDX Energy Morocco (Jersey) Limited, it intends to sign
later today a Facility Agreement with the European Bank for
Reconstruction and Development ("EBRD") for the provision of a
three year US$10 million Reserves Based Lending Credit Facility
with an 'Accordion' feature taking total potential availability up
to US$20 million (the "Facility").
The Facility will be available for use in Morocco and will
provide the Company with an additional liquidity source and the
ability to optimize its cost of capital for the funding of customer
connection infrastructure and future drilling and field development
costs.
The Facility will be available for drawing in the coming weeks
after satisfaction of the normal conditions precedent.
Paul Welch, President and CEO of SDX, commented:
"We are very pleased to sign this Facility with the EBRD and we
look forward to working with them as a long term financing partner
in our business. As is widely acknowledged, the EBRD's due
diligence process is extremely stringent and the establishment of
this Facility with them is a testament to the quality of SDX's
business, its processes and its environmental and social compliance
in our countries of operation."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, UK, with a principal
focus on North Africa. In Egypt, SDX 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. It
also has a 55% operated working interest in the South Disouq
concession in the Nile Delta area, which consists of development,
appraisal and exploration assets. In Morocco, SDX has multiple
assets in the northern Gharb basin with a 75% operated working
interest in Sebou, a producing concession, along with exploration
and appraisal assets in its Gharb Centre and Lalla Mimouna
concessions (75% operated working interests in both
concessions).
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
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint
Broker)
Callum Stewart/Nicholas Rhodes/Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Cantor Fitzgerald Europe (Joint Broker)
David Porter/Nick Tulloch
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright/David van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/Jimmy Lea/Ollie Mills
Tel: +44 207 520 9261
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 benefits of the Facility to the Company and the availability of
the Facility for drawing following satisfaction of the normal
conditions precedent 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; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labor and services.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors 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; 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 months ended March 31, 2018, 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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