Member Info for shakeypremis

According to this, no;

https://www.morningstar.ca/ca/report/stocks/ownership.aspx?t=0P000182NM&lang=en-CA

From the interim report referenced below;

https://riverandmercantile.com/wp-content/uploads/2020/10/microcap-interim-report-2020-March.pdf

"The other three holdings that contributed to negative relative performance greater than 0.75% were Adept
Technology (0.83 ppts), SDX Energy (0.86 ppts) and Ince Group (0.88 ppts). In each case, it is not clear that there
is a reasonable justification for the underperformance. Ince Group was a new position in the first quarter of 2019 and
so I will cover it off in the comments on portfolio transactions below. Despite over 90% of SDX’s cash flows being
linked to fixed price gas contracts, and so having almost no exposure to oil price volatility, the shares fell by 56%
between January and March as oil prices collapsed. Operational performance has been ahead of expectations since
Mark Reid, the new CEO, took over last year."

From their 'Annual Financial Report for Year Ended 30th September 2020'

https://riverandmercantile.com/wp-content/uploads/2020/12/RMMC-FS-30-09-2020-FINAL-for-website.pdf

"I covered the poor performance of XLMedia, Adept Technology, SDX Energy and Ince Group in the interim report.
I flagged that we had sold down the position in XLMedia to just 0.5% and we completed the exit of this position in
the second half. I also made the case that the market’s view of the other three underperformers, Adept Technology,
SDX Energy and Ince Group, seemed harsh. This remains the case, particularly so for SDX Energy. The investment
case has been strengthened by a number of positive updates, including a high value commercial gas discovery,
the value of which have not been recognised in the share price performance. As a reminder, the business is almost
entirely exposed to fixed price gas contracts."

Someone always seems to be dumping in size here, and someone is always willing to buy in size also. It's when there is no volume that it just drifts downwards on pathetic volume. Volume rarely ever makes it rise.

It looks like AXA have sold ALL of their SDX shares, some time in March:

https://www.morningstar.ca/ca/report/stocks/ownership.aspx?t=0P000182NM&lang=en-CA

Teviot and MI Select Managers have increased their holdings by 57% and 102% respectively though. Doesn't absorb all the AXA selling though. Clearly some entities gobbled up that stock.

On Research Tree. Free to read.

Exane 'estimate' (FWIW - of course these values are highly subjective) the below exploration prospects can add as much as 50p on an unrisked basis to the share price (19.7p on a risked basis). Nothing for the Top Nappe as of yet as nothing really known about volumes/CoS etc. Everything very subjective and uncertain as mentioned but it does go to show the value that may be added from organic exploration success.

Exploration Prospect (risked/unrisked)

Morocco 2021 2 near-infra expl wells - (1.0p/1.7p)
Morocco OYF cluster (2 further prospect remaining) - (1.3p/1.9p)
Morocco BMK cluster (9 prospects+BMK-1 disc) - (8.4p/14.2p)
Morocco OLM cluster (4 prospects remaining) - (2.9p/5.9p)
Morocco RML cluster (3 prospects remaining) - (0.1p/1.6p)
Morocco SSF cluster (3 prospects remaining) - (2.1p/4.7p)
Morocco LMS area (2 prospects) - (0.0p/2.1p)
Egypt Hanut - (3.1p/10.7p)
Egypt Warda - (0.0p/1.1p)
Egypt Mohsen - (0.7p/2.0p)
Egypt El Deeb - (0.0p/1.7p)
Egypt Ibn New ton - (0.1p/1.2p)
Egypt Shikabala cluster (2 wells) - (0.0p/1.2p)

13 & 14;

13 – Exane received or expects to receive compensation for non-investment banking services from the subject company/ies in the past 12 months or in the next 3 months.

14 – Sections of this report, with the research summary, target price and rating removed, have been presented to the subject company/ies prior to its distribution, for the sole purpose of verifying the accuracy of factual statements.

Yes, sponsored research. Detailed, but sponsored.

Note is available for free it seems with a Research Tree free account. Sign up if you don't have one already.

Reading through it later today.

Actually Exane BNP Paribas. Some kind of partnership.

But BNP Paribas have initiated coverage it seems. Don't have access but there's a new note out on Research Tree;

https://*********************/companies/uk/oil-gas-e-ps/sdx-energy-plc/research/exane-bnp-paribas-sponsored-research/well-well-well-/74_529717

Article says Dana will now keep them. Could just be lip service. Also too dear for SDX. SDX cannot afford what IPR was trying to buy. Perhaps a portion however.

https://www.bloomberg.com/news/articles/2021-04-25/texan-company-and-dana-gas-cancel-236-million-egyptian-deal

Millions of PIs and you get a POS like UKOG

PW lied. He also tried to pull off a mega-deal with BP and it fell through. Not much else has happened really. Company is well run and managed but is investing so much cash-flow back in to the business to grow, and with high drilling and development costs in Morocco people don't want to know about this company.

Plus PI's keep bailing and fatter pockets keep taking the shares.

Depending on the success of latest Morocco/Egypt drilling programmes, this year might mark the start of a turnaround. We hope...

It just goes to show you what you're average AIM mug punter is interested in. They are certainly not interested (or even know about) a stable, producing, operating cash-flow positive (possibly soon to be free cash-flow positive) stock that doesn't dilute its shareholders in order to grow (at the moment - I am sure any dilutive growth will be more than worth it).

£51m, nearly 50% more valuable than SDX.

LOL, now it's £45m.

It's the moment you've all been waiting for, the return of UKOG Watch.

UKOG has just reclaimed its rightful place as a more valuable company than SDX. £36m vs £35m.

Cataclysmic dilution and no production and losing money hand over fist are the ways to go for a successful company. SDX are doing it all wrong!

I am invested in SDX because of the potential for it to organically increase reserves, production, revenues and profits without dilution. And potentially any smart inorganic growth they can part fund through cash/debt/dilution.

That's really the investment thesis here.

I know. Should have said it like that 'how I see it'.

I simply stated that the development well at Ibn-Yunus isn't going to move the needle if successful. I believe success is baked in to the price. Failure isn't though. The development wells aren't why I am invested in SDX.