TIDMSDX
RNS Number : 6512E
SDX Energy Inc.
13 February 2018
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.
13 February 2018
SDX ENERGY INC.
("SDX" or the "Company")
Operations Update
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, is pleased to provide an operations update.
Egypt
The Company has signed a rig contract for the ST-6 rig with
Sino-Tharwa Drilling Company ("Sino-Tharwa") for its Ibn Yunus-1X
exploration well at South Disouq, Egypt. The agreement is for four
firm wells and one contingent well. Sino-Tharwa's ST-6 rig is
currently drilling for another operator and is anticipated to be
released in late February 2018 from a location in the Western
Desert, Egypt. It will then be mobilized to the Ibn Yunus prospect
location. Following inspection and rig up, the well is anticipated
to be spud in mid-March 2018.
Operations at the Ibn Yunus-1X well are anticipated to take 30 -
40 days and will be targeting the same Abu Madi conventional
natural gas bearing intervals that were discovered in the SD-1X
well in April 2017. After Ibn Yunus, the rig will move to the SD-1X
discovery, where it will drill two appraisal wells, before moving
on to the Kelvin-1X exploration prospect.
SDX is also pleased to announce that it has spud its Rabul 5
development well on the West Gharib Concession, Egypt. The Rabul 5
well is the first of two development wells planned for the field
this year. The well is targeting both the Bakr and Yusr oil bearing
intervals found in the Rabul 1 and 2 wells. Operations for Rabul 5
are anticipated to take approximately 30 days.
Morocco
Drilling has been delayed at the Company's KSS-2 development
well due a failure of the top drive unit on the rig. The unit is
currently being repaired, with drilling set to recommence later
today. The Company expects the well to reach its target depth
within the next 7 to 10 days. Well costs are not anticipated to be
materially changed as the rig has been on zero rate while repairs
on the top drive unit are being carried out.
The Company will also be publishing a Moroccan Business Overview
video on its website this morning: http://www.sdxenergy.com/
Paul Welch, President and CEO of SDX, commented:
"We are pleased to have secured a drilling rig for our upcoming
drilling campaign in Egypt, which is set to commence in March. The
Ibn Yunus-1X and Kelvin-1X wells are targeting up to 150bcf and, if
successful, will be tied back to the SD-1X processing facility.
Following our discovery at Rabul 2 in October 2017, we plan to
drill two development wells on the West Gharib concession this
year, as we believe the licence holds significant development
potential and further upside for all our stakeholders. We look
forward to updating our shareholders on our exciting drilling
campaigns in both Egypt and Morocco 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 Rharb 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 and Morocco.
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)
David Porter/Nick Tulloch
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 9261
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 spud of and operations at the Company's Ibn Yunus-1X well,
drilling at the SD-1X discovery and Kelvin-1X prospect, operations
at Rabul 5, the timing of and costs at the KSS-2 development well,
the target production at the Ibn Yunus-1X and Kelvin-1X wells, the
development potential of the West Gharib concession and the
Company's plans, 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 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; 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 nine months ended September 30, 2017,
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDFKBDDCBKDDBD
(END) Dow Jones Newswires
February 13, 2018 02:00 ET (07:00 GMT)
Sdx Energy (LSE:SDX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sdx Energy (LSE:SDX)
Historical Stock Chart
From Apr 2023 to Apr 2024