RNS TODAY5 Oct 2023 08:53
Today 07:00
RNS Number : 7423O
SDX Energy PLC
05 October 2023
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5 October 2023
SDX ENERGY PLC ("SDX" or the "Company")
SDX/CITIC GAS PREPAYMENT PARTNERSHIP UPDATE Â
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SDX is pleased to announce that, further to its announcement on 13 September 2023 where the Company announced a Gas Prepayment Heads of Terms ("HoT"), the prepayment amount of c. $1.9 million has now been received from DIKA MOROCCO AFRICA, a 100%-owned subsidiary of CITIC Dicastal, which is a subsidiary of Citic Group, a Chinese holding company with a corporate portfolio approaching $1 trillion.
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This prepayment shows evidence of a deepening partnership between SDX and CITIC Dicastal, which is the Company's largest offtaker and has an increasing and immediate demand for SDX's gas.
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The funds will be used primarily to pay the costs of drilling the KSR-21 well in Morocco.