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SDX Energy PLC - London-based oil & gas explorer - 2020 revenue rises 32% to USD46.1 million from USD34.8 million in 2019, reflecting a resilient performance within the context of Covid-19. Swings to a total loss of USD2.1 million from a USD18.2 million profit. 2020 average entitlement production increases 57% year-on-year to 6,397 barrels of oil per day due to "strong" production levels mainly from South Disouq in Egypt, with production from core assets at the top end of market guidance. 2020 capital expenditure was USD24.7 million, doubled from USD12.1 million in 2019. Says this is below guidance, primarily because of deferred drilling at West Gharib in Egypt due to the lower oil price environment.
"Operationally, 2020 was a strong year for the group and although the Covid-19 pandemic contributed to a low oil price environment, SDX's high fixed-price gas assets in both Egypt and Morocco demonstrated the cash-generative resilience that exists within our portfolio. While Morocco production saw demand fluctuations early in the period, we are now back to pre-lockdown levels of production with 2021 production expected to be 8% to 12% higher than in 2020," says Chief Executive Mark Reid.
Looking ahead, SDX Energy says guidance for 2021 production is between 5,620 and 5,920 barrels of oil per day. Capital expenditure is expected to be between USD25.0 million and USD26.5 million.
Current stock price: 17.02 pence
Year-to-date change: down 5.4%
By Zoe Wickens; zoewickens@alliancenews.com
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