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I guess they just deem that it doesn't meet the criteria for RNS issuance requirement. Or maybe a bigger RNS is imminent into which they will insert this smaller news too - but the total silence recently is not helping...
Shouldnt we have had an RNS ?
Well, that news has completely outfoxed me... I wonder whats going on!
SDX Energy has been granted a modification to its Rharb Occidental petroleum agreement, located in the onshore Gharb Basin, effective from 18 January 2024. Whilst details have not been disclosed, the amendment relates to changes to the company's work programme and bank guarantee for the current exploration phase.
The licence was originally awarded to SDX Energy in September 2017 on an initial four-year term. It is located between the company's Lalla Mimouna Sud and Sebou licences, with these areas acquired following the purchase of Circle Oil's Moroccan assets in January 2017. To date, the company has drilled nine exploration/appraisal wells on Rharb Occidental, with six commercially viable. Additionally, three production licences have been carved out from the permit, comprising of Beni Malek Sud-Est, Gaddari Sud Ouest and Al Harati Sud. SDX operates Rharb Occidental with 75% equity, in partnership with ONHYM (25%, carried during exploration).
SDX Energy has been awarded the onshore Beni Malek Sud-Est production licence, as a carve-out from the company's Rharb Occidental licence, located in the onshore Gharb Basin. The 0.84 sq km block is valid for an initial two-year term, as the company looks to bring the Beni Malek Field online, followed by a 25-year production phase and a 10-year extension option. The discovery was made in the north of Rharb Occidental back in early 2020, with the Beni Malek 1z NFW (1,551 m TD) encountering gas in the Miocene-aged Upper and Lower Gebbas sandstones. Estimated recoverable resources are 0.9 Bcf. The field will be tied-back to the company's other gas fields and infrastructure in the Basin, with a c.10 km pipeline likely required.
Beni Malek Sud-Est is the third production licence to be carved out from Rharb Occidental inside a year, with Gaddari Sud Ouest and Sidi Al Harati Sud awarded in early 2023. The original 1,343 sq km Rharb Occidental exploration permit was awarded to SDX in 2017. Since then, the company has drilled nine exploration/appraisal wells, with six commercially viable. More recently, the junior outfit has undertaken a strategic review and is doubling down on its investment in Morocco, with an ambitious aim to become a 'hybrid energy player'; essentially an expansion into renewables, synergising with its core gas assets. The company operates Beni Malek Sud-Est with 75% equity, in partnership with ONHYM (25%).
Update will eventually have to come.
What is keeping it so long - no news at all on WG, SD or KS21 - nothing, niente, Nada FFS
Things are finally turning the corner for egypt, no hopefully sdx can recover too..
https://oilprice.com/Geopolitics/International/Egypt-Seals-Historic-35-Billion-Development-Deal-with-UAE.html
It has to be close, would be nice if they get $13m plus for SD and infrastructure.
Some solid buying today,especially late on.Maybe something really is afoot !
Over the last few months the larger sales seem to have been placed after larger buys,presumably to keep the price down.I cant see any logic in this as the Egypt sale news will decide the price when it comes irrespective of previous transactions.
Lol
I just thought I might make bid for the lot !!
Why the sudden interest today? Volumes are bigger than usual, though that is not saying much ;-)
The IMF is just a tool for US to control the poorer nations, thankfully the Saudis and UAE are using their brains and outbidding western funds. They will not allow egypt to go bust but rather control it.
As for sdx holders, they should continue to hold.
Barhut, what does it mean?
Theirs that Tory talk again. Look either way this company should of updated its holders over a month ago. Keeping the sp depressed only means one thing to me.
UAE intends to invest $36billion in Egypt which could unlock the IMF deal.This might be the blockage needed to complete SDX exit
In the telegraph today
Britain to harness power of Sahara solar farms using 700ft ship
"Petro Disouq established and operated a South Disouq natural gas treatment plant, natural gas production lines, and natural gas shipping lines in the South Disouq concession, with investments of around $80 million since 2014.
It is worth mentioning that Petro Disouq is a JV between the Egyptian Natural Gas Holding Company (EGAS) and SDX Energy, and was established according to a ministerial decree dated April 9, 2019."
I told you the infrastructure has value, egas and sdx have spent $80m on the infrastructure. This is why a large operators are interested in our Egyptian asset. They will use the infrastructure to put their own production in.
What wrong with the sp today? You can sell at mid price 4p.
Littlened- The fact that we know West Gharib sale price is $6.9m, South Disouq price will be higher. I recall it took along time for sdx to get in production in SD. SDX part own the infrastructure even the processing facility. Large buyer are interested because they will save money and time by not building their own gas pipeline etc.
Its been a long time since the financial problems happened for egypt, we are hearing egypt is close to signing imf deal this will be positive and put more value on sdx asset in egypt.
Continue to hold down here there is value.
By your logic Maestro it is worth more than a hold surely !
Fact is that if the company liquidates all its asset and return all money to shareholders, sdx is worth multiple of current mkt cap.
Whatever happens its a hold at these levels..
Barhut,I am neither a politician or a Tory or even an apologist for SDX.I too am concerned about the lack of comment since 10th Jan.I have again emailed William McAvock for information.Re Aleph they have no clout to force anything controlling a maximum of 26% shares even after conversion.If the want control they need to buy shares in the market
Littlened
Ever get the feeling sdx put their eggs in one basket, remember they received multiple offers for their egyptian assets, so there was more than one party.
They signed HOT with one party back in aug 23, almost 6 months now. It has to be soon. Me think they will announce SD deal with the WG sale..
Come on sdx.