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Tag: Circle Oil plc

SDX completes work-over programs in Egypt, attributes profit rise to Circle Oil acquisition

Posted: November 22, 2017 at 4:24 pm   /   Oil & Gas

SDX Energy announced completing a number of projects in Egypt during 3Q2017. The company concluded a twelve-well work-over program at North West Gemsa, which should allow it to achieve its 5,000 boepd target for the year, in addition to finalizing the expansion of a processing facility at its Meseda project by increasing treatment capacity to […]

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SDX Energy provides Q2 2017 update on Egypt operations

Posted: August 26, 2017 at 12:49 pm   /   Oil & Gas

SDX Energy, the North Africa focused oil and gas company, has announced its operating results for the three and six months ended June 30, 2017. Operational Highlights The Company’s share of production from its operations for the six months ended June 30, 2017 was 3,351 boepd analysed as follows; North West Gemsa 2,170 boepd Meseda […]

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SDX announces Q12017 financial & operating results, sets out North African growth plans

Posted: May 24, 2017 at 4:43 pm   /   Oil & Gas

SDX Energy reported income of US$26.9 million for the first quarter of the year, although this was largely based on its acquisition of Circle Oil’s Egyptian and Moroccan businesses, which provided a US$29.5 million gain. Netbacks from production for the period, meanwhile, were US$6.1 million, generating US$3.1 million of net cash. Setting out its results […]

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SDX Energy announces completion of fundraising and acquisition of Circle Oil assets

Posted: February 1, 2017 at 8:17 pm   /   Oil & Gas

Further to its announcements released on 24 and 25 January 2017 concerning the Fundraising and Acquisition, the Board of SDX Energy Inc., the Egypt focused oil and gas company, is pleased to announce that following completion of the Fundraising and Admission, which took place earlier today, completion of the Acquisition of the Circle Assets has […]

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Circle Oil assets sold as it enters administration, staff to be retained by new owner SDX Energy

Posted: January 29, 2017 at 1:32 pm   /   Oil & Gas

Irish-registered oil and gas firm Circle oil has been placed into administration with the company’s remaining €28m ($30m) in assets to be sold to SDX Energy. PwC will oversee the administration process with the company’s debt thought to be well in excess of the €30m figure. A strategic review undertaken last year found that Circle […]

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SDX Energy prices Circle Oil’s assets in Egypt, Morocco at $30 million in cash

Posted: January 29, 2017 at 1:22 pm   /   Oil & Gas

SDX Energy said it is proposing to acquire the oil and gas assets of Circle Oil in Egypt and Morocco for a total cash consideration of USD 30 million, Reuters reported. SDX had announced entering into a non-binding heads of terms with Circle Oil for the acquisition in mid-January. In Egypt, SDX will acquire a […]

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SDX Energy signs heads of terms to acquire Circle Oil's Egyptian and Moroccan businesses

Posted: January 12, 2017 at 8:46 pm   /   Oil & Gas

SDX Energy said Wednesday it notes the recent media speculation concerning a potential acquisition and material equity fundraising. In line with its stated strategy of seeking value accretive opportunities to expand the asset base in the North Africa region, SDX said it is pleased to confirm that it has entered into non-binding heads of terms […]

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Oil Ministry makes $100 million payment to smaller IOCs

Posted: December 18, 2016 at 11:17 pm   /   Oil & Gas

The Oil Ministry made a USD 100 million payment to IOCs for overdue receivables, Al Mal reported. The payment was not made to major operators, but to smaller companies, including Circle Oil, TransGlobe Energy, and SDX, a source said. The source noted specifically that Circle Oil got 30% of its total receivables with a payment […]

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Five IOCs interested in acquiring Circle Oil's investments in Egypt

Posted: July 24, 2016 at 1:56 pm   /   Oil & Gas

Companies including BP, Kuwait Energy, and Rockhopper are vying to acquire Circle Oil’s NW Gemsa stake. Circle Oil is looking to sell its 40% stake of Petro Amir’s concession in the Gulf of Suez, Al Mal reported. A source told Al Mal Circle Oil is owed USD 10-12 mn from EGPC, which it recently called […]

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Circle Oil agrees to extend IFC repayments, says payments from Egypt continue to be "unpredictable"

Posted: June 27, 2016 at 8:19 pm   /   Oil & Gas

Egypt-focused Circle Oil plc announced Friday that International Finance Corporation (IFC) has agreed to extend the suspension of the December 2015 redetermination and any repayments due under its Reserve Based Lending facility until July 22. IFC has also indicated its willingness to consider further waivers as may be required to continue the Strategic Review process […]

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