SDX Energy Inc., an oil & gas exploration and production company with assets in Egypt & Cameroon, is pleased to announce that admission of its ordinary shares to trading on the AIM market of the London Stock Exchange. The Company’s ticker is “SDX”.
The Company successfully raised approximately £7.6 million (approximately US$11 million) through a placing and subscription (the “Placement”) of 42,201,835 common shares in the capital of the Company (the “Placement Shares”) at 18 pence (C$0.33) per Placing Share. 3,910,000 of the Placement Shares (“Conditional Placement Shares”) have been placed conditionally upon the filing by one of the investors with the TSX Venture Exchange of a Personal Information Form (as defined in the policies of the TSX-V) and the receipt from the TSX-V of final acceptance of the subscription for the Conditional Placement Shares. Such filing and acceptance are required under the policies of the TSX-V because the investor will become an Insider (as defined in the policies of the TSX-V) upon the subscription for the Conditional Placement Shares. As at 20 May 2016, this condition has not been satisfied and the Conditional Placement Shares have not been issued and allotted.
For the purposes of the Disclosure and Transparency Rules, the total number of voting rights in the Company with effect from 20 May 2016 will be 75,933,902. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
Cantor Fitzgerald Europe is Nominated Adviser and Joint Broker and FirstEnergy Capital LLP is Joint Broker.
- SDX is a UK based, Egypt focused oil and gas company with a dual listing on TSX-V and AIM.
- SDX’s portfolio consists of two production concessions onshore Egypt, and exploration and development licences in Egypt and Cameroon.
- SDX reported net production of 1,519 boepd in 2015.
- Independent audit confirmed 2P Reserves net to SDX of 7.34MMboe (North West Gemsa and Meseda) and gross Mean Prospective Resources of 585 bcf (322 bcf net to SDX) at South Disouq.
- SDX benefits from high margin production capable of generating positive cash flow down to US$15/bbl Brent.
- Active work programme in 2016 consisting of workover and development drilling and a carried exploration well.
- Near-term strategy to ramp-up production through a workover programme on the Meseda concession.
- SDX has a stable financial position with no debt, positive cash flows and a fully covered work programme.
Commenting on today’s announcement, SDX CEO Paul Welch said:
“Our admission to AIM is a significant milestone and represents another transformational event for the Company following the creation of SDX Energy through our merger in October 2015.
We believe that AIM will provide a supportive platform to help us achieve our ambitious growth objectives. The new funds raised will enable us to significantly increase production in Meseda, our resilient, high-margin producing asset and also complete the work program on South Disouq, our high impact exploration opportunity in Egypt. We believe that we are uniquely placed to thrive in this low oil price environment and look forward to the next chapter in our story with confidence.”
(SDX Energy Press Release)