TIDMSDX
RNS Number : 7919S
SDX Energy PLC
19 March 2021
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.
19 March 2021
SDX ENERGY PLC
("SDX" or the "Company")
VESTING OF LTIP AWARDS & PDMR SHAREHOLDING
SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company,
announces the partial vesting of share options awarded under the
terms of the SDX Energy Plc LTIP scheme ("LTIP" or "Plan").
As part of the Board's commitment to facilitating and
encouraging share ownership amongst senior management and selected
employees of the Company, the awards made on 5 March 2018 to
existing employees and on 24 August 2018 to new joiners contained
performance targets set with reference to the following:
-- Earnings Before Interest, Taxation, Depreciation,
Amortisation and Exploration Expense ("EBITDAX") in US$
millions;
-- Working interest production in barrels of oil equivalent per day;
-- Proved Developed Producing and Proved Undeveloped Reserves in
barrels of oil equivalent; and
-- Total Shareholder Return relative to the FTSE All Share Oil & Gas Index.
The Board has, in its discretion, determined that performance
targets have been partially achieved such that a total of 258,137
nil-cost options will vest over ordinary shares, representing
0.126% of the Company's current issued share capital, of which
239,546 vested on 19 March 2021, with 18,591 to vest on 24 August
2021.
A total of 125,843 nil-cost options awarded to persons
discharging managerial responsibility ("PDMR") vested on 19 March
2021, 112,360 to Mark Reid and 13,483 to Nick Box. Assuming all
nil-cost options are exercised, including those previously vested,
upon exercise of their nil-cost options, Mark Reid would own
927,553 shares, representing 0.452% of the Company's then issued
share capital, and Nick Box would own 125,420 shares, representing
0.061% of the Company's then issued share capital.
For further information:
SDX Energy Plc
Mark Reid
Chief Executive Officer
Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Tel: +44 (0) 207 710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton
David McKeown
Tel: +44 (0) 207 418 8900
Cantor Fitzgerald Europe (Joint Broker)
David Porter
Tel: +44 (0) 207 7894 7000
Camarco (PR)
Billy Clegg
Owen Roberts
Violet Wilson
Tel: +44 (0) 203 757 4980
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Reid
---------------------------- ------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CEO
---------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- ------------------------------------------
3 Details of the issuer
------------------------------------------------------------------------
a) Name SDX Energy PLC
---------------------------- ------------------------------------------
b) LEI 213800ALYZJ5JN26DY75
---------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------
a) Description of the financial
instrument, type of Nil-cost options over Ordinary shares of
instrument GBP GBP0.01
Identification Code GB00BJ5JNL69
---------------------------- ------------------------------------------
c) Nature of the transaction Acquisition
---------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Award - nil 112,360
---------
---------------------------- ------------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume Award - nil 112,360
- Price ---------
---------------------------- ------------------------------------------
e) Date of the transaction 19 March 2021
---------------------------- ------------------------------------------
f) Place of the transaction XOFF
---------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nicholas Box
---------------------------- ------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CFO
---------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- ------------------------------------------
3 Details of the issuer
------------------------------------------------------------------------
a) Name SDX Energy PLC
---------------------------- ------------------------------------------
b) LEI 213800ALYZJ5JN26DY75
---------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------
a) Description of the financial
instrument, type of Nil-cost options over Ordinary shares of
instrument GBP GBP0.01
Identification Code GB00BJ5JNL69
---------------------------- ------------------------------------------
c) Nature of the transaction Acquisition
---------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Award - nil 13,483
---------
---------------------------- ------------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume Award - nil 13,483
- Price ---------
---------------------------- ------------------------------------------
e) Date of the transaction 19 March 2021
---------------------------- ------------------------------------------
f) Place of the transaction XOFF
---------------------------- ------------------------------------------
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, United Kingdom, with
a principal focus on MENA. In Egypt, SDX has a working interest in
two producing assets: a 55% operated interest in the South Disouq
gas field in the Nile Delta and a 50% non-operated interest in the
West Gharib concession, which is located onshore in the Eastern
Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75%
working interest in five development/production concessions, all
situated in the Gharb Basin. The producing assets in Morocco are
characterised by attractive gas prices and exceptionally low
operating costs. SDX has a strong weighting of fixed price gas
assets in its portfolio with low operating costs and attractive
margins throughout, providing resilience in a low commodity price
environment. SDX's portfolio also includes high impact exploration
opportunities in both Egypt and Morocco.
For further information, please see the Company's website at
www.sdxenergy.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.
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
SDX's Financial Review 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, 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.
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END
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