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.
LONDON, July 18, 2018 /CNW/ - 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.
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.
SOURCE SDX Energy Inc.