TIDMSDX
RNS Number : 9016W
SDX Energy Inc.
20 November 2017
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.
20 November 2017
SDX ENERGY INC.
("SDX" or the "Company")
Updates on the Sebou and Gharb Centre permits
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to announce an update on its KSR-14 and
KSR-15 development wells on the Sebou permit in Morocco (SDX 75%
working interest). KSR-14 and KSR-15 are the first two wells of a
nine well drilling programme on the Company's Sebou, Gharb Centre
and Lalla Mimouna permits in Morocco.
Further to the update on 13 November, the KSR-14 well has now
been tested and has recorded an average flow rate conventional
natural gas into the sales line of 6.4MMscfd. The well will remain
on production for an extended period prior to being shut in for a
pressure build-up as part of the year end reserve estimate
process.
At the KSR-15 development well the completion equipment has been
run and connection to the nearby infrastructure is now underway.
Completion of the well is expected to occur within three weeks of
rig departure with flow testing targeted for early December 2017.
The rig move to the next location, KSR-16, has now commenced.
On the Gharb Centre exploration permit, the seismic tender for
240km(2) of new 3D seismic has been completed and the contract
awarded to CGG, a market leading seismic provider. The seismic
acquisition is expected to commence at the end of Q2 2018.
Paul Welch, President and CEO of SDX, commented:
"This is further positive newsflow from our active Moroccan
drilling campaign. In particular, the KSR-14 test results are ahead
of our internal expectations, especially in light of the fact that
we are only flowing from the Hoot sand, as opposed to both the Hoot
and Guebbas. Despite this, the well still managed to produce at a
rate that would allow it to meet our entire daily sales commitment
by itself. This increases our confidence that we can reliably
increase our production rates to meet additional customer demands
based upon the results of the current program as we target an
increase in our sales volumes by 50% in 2018.
"Overall, we are moving forward with the campaign apace and are
pleased with the progress to date. We look forward to providing
further updates in due course."
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, 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. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Gharb Basin. These producing assets are
characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX's
portfolio also includes high impact exploration opportunities in
both Egypt (South Disouq) and Morocco (Gharb Centre and Lalla
Mimouna).
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 Mark Reid
Executive 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)
Sarah Wharry
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 9260
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 Company's plans at the KSR-14 well, the timing of completion
of, and flow rate testing at, the KSR-15 well, the timing of
seismic acquisition at Gharb Centre and the Company's ability to
meet customer demands and increase its sales volumes in Morocco,
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 and twelve months ended December 31, 2016,
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.
Oil and Gas Advisory
Certain disclosure in this news release constitute "anticipated
results" for the purposes of National Instrument 51-101 of the
Canadian Securities Administrators because the disclosure in
question may, in the opinion of a reasonable person, indicate the
potential value or quantities of resources in respect of the
Company's resources or a portion of its resources. Without
limitation, the anticipated results disclosed in this news release
include flow rates attributable to the resources of the Company.
Such estimates have been prepared by management of the Company and
have not been prepared or reviewed by an independent qualified
reserves evaluator or auditor. Anticipated results are subject to
certain risks and uncertainties, including those described above
and various geological, technical, operational, engineering,
commercial and technical risks. In addition, the geotechnical
analysis and engineering to be conducted in respect of such
resources is not complete. Such risks and uncertainties may cause
the anticipated results disclosed herein to be inaccurate. Actual
results may vary, perhaps materially.
Competent Persons Statement
In accordance with the guidelines of the AIM Market of the
London Stock Exchange the technical information contained in the
announcement has been reviewed and approved by Paul Welch,
President and Chief Executive Officer of SDX. Mr. Welch, who has
over 30 years of experience, is the qualified person as defined in
the London Stock Exchange's Guidance Note for Mining and Oil and
Gas companies. Mr. Welch holds a BS and MS in Petroleum Engineering
from the Colorado School of Mines in Golden, CO. USA and an MBA in
Finance from SMU in Dallas, TX USA and is a member of the Society
of Petroleum Engineers (SPE).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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