George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSDX Energy Regulatory News (SDX)

Share Price Information for SDX Energy (SDX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 3.65
Bid: 3.50
Ask: 3.80
Change: 0.00 (0.00%)
Spread: 0.30 (8.571%)
Open: 3.65
High: 3.65
Low: 3.65
Prev. Close: 3.65
SDX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

RESERVES UPGRADED AT SOUTH DISOUQ

7 Jan 2020 07:15

RNS Number : 9156Y
SDX Energy PLC
07 January 2020
 

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.

 

 

7 January 2020

SDX ENERGY PLC 

("SDX" or the "Company")

RESERVES UPGRADED AT SOUTH DISOUQ BY 35% TO GROSS 89 BCFE FROM GROSS 66 BCFE

 

SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, is pleased to announce that upon completion of an independent technical and economic audit of the reserves at its operated South Disouq concession (SDX: 55% working interest), Gaffney, Cline & Associates (GCA) has reported that gross proved plus probable reserves ("2P reserves"), as at 30 September 2019, are 86 BCF of natural gas and 0.6 MMbbl of condensate. This is equivalent to gross 89 BCFE and represents an increase of 35% from gross 66 BCFE as included in the Company's reserves audit covering all of its concessions as at 31 December 2018. Both reports are available on the Company's website.

 

The increase in South Disouq 2P reserves is as a result of the 2019 reprocessed 3D seismic data providing a better understanding of the structure and distribution of the reservoir around the production wells.

 

Gas has been flowing through the South Disouq Central Processing Facility ("CPF") since 7 November 2019 with all four production wells and the CPF performing as expected. The Company has been producing at a gross stabilised rate of approximately 50 MMcfe/d since 10 December 2019 which was approximately three months ahead of expectations.

 

All gas production is sold to the Egyptian national gas company, EGAS, at a fixed price of US$2.85/Mcf, with the Government of Egypt's entitlement share of gross production equating to approximately 51%.

 

GCA is an independent qualified reserves auditor and the South Disouq reserves audit as at 30 September 2019 was performed in accordance with the Canadian Oil and Gas Evaluation Handbook (as those terms are defined in National Instrument 51-101- Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators) and the Society of Petroleum Engineers' Petroleum Resources Management System.

 

 

Mark Reid, CEO of SDX, commented:

 

"We are pleased to announce that our 2P reserves at South Disouq have increased by 35% to gross 89 BCFE and that the wells and CPF continue to produce at a stabilised rate of approximately 50 MMscfe/d. We are now looking forward to the commencement of our South Disouq drilling campaign in February when we will be spudding the first of two wells targeting the same horizons encountered in our four discoveries to date. If successful, these wells have the potential to significantly increase our existing reserves and can be quickly tied into the South Disouq CPF. Depending on partnering discussions, a third well targeting deeper prospectivity in a potential new play fairway, may be drilled later in 2020."

 

 

 

About SDX

 

SDX is an international oil and gas exploration, production and development company, headquartered in London, United Kingdom, with a principal focus on MENA. In Egypt, SDX has a working interest in three producing assets. In the South Disouq gas field in the Nile Delta, the Company is operator and has a 55% working interest. In the Eastern Desert, adjacent to the Gulf of Suez, the Company has two non-operated oil interests; 50% in North West Gemsa and 50% in Meseda. In Morocco, SDX has a 75% working interest in the Sebou concession, situated in the Gharb Basin. These producing gas assets in Morocco are characterised by exceptionally low operating costs and fixed price gas contracts 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 Company's website at www.sdxenergy.com or the Company's filed documents at www.sedar.com.

 

Competent Persons Statement

 

In accordance with the guidelines of the AIM Market of the London Stock Exchange the technical information contained in the announcement has been reviewed and approved by Rob Cook, VP Subsurface of SDX. Dr. Cook has over 25 years of oil and gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies. Dr. Cook holds a BSc in Geochemistry and a PhD in Sedimentology from the University of Reading, UK. He is a Chartered Geologist with the Geological Society of London (Geol Soc) and a Certified Professional Geologist (CPG-11983) with the American Institute of Professional Geologists (AIPG).

 

For further information:

 

SDX Energy Plc

Mark Reid

Chief Executive Officer

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

Tel: +44 207 7894 7000

 

Camarco (PR)

Billy Clegg/Owen Roberts/Violet Wilson

Tel: +44 203 757 4980

 

 

Glossary

 

"BCF"

Billions of cubic feet

"BCFE"

Billions of cubic feet equivalent

"Mcf"

Thousands of cubic feet

"MMbbl"

Millions of barrels

"MMcfe/d"

Millions of cubic feet equivalent per day

"Reserves"

Those quantities of oil and gas anticipated to be commercially recoverable from discovered resources from a given date forward

 

 

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 Company's upcoming drilling campaign at South Disouq, should all 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; receipt of necessary permits; 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; permitting risks; the 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 refer to SDX's Management's Discussion & Analysis for the three and nine months ended 30 September 2019, 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, development and production 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 forwardlooking information, except as required by applicable law. The forwardlooking information contained herein is expressly qualified by this cautionary statement.

 

 

Oil and Gas Advisory

Estimates of reserves have been made, assuming the development of each property in which the estimate is made will actually occur, without regard to the likely availability to the Company of funding required for the development of such reserves.

Any estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due the effects of aggregation. Certain disclosure in this news release constitute "anticipated results" for the purposes of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators because the disclosure in question may, in the opinion of a reasonable person, indicate the potential value or quantities of resources in respect of the Company's resources or a portion of its resources. Without limitation, the anticipated results disclosed in this news release include estimates of volume attributable to the resources of the Company. Such estimates have been prepared by management of the Company and have not been prepared or reviewed by an independent qualified reserves evaluator or auditor. Anticipated results are subject to certain risks and uncertainties, including those described above and various geological, technical, operational, engineering, commercial, and technical risks. In addition, the geotechnical analysis and engineering to be conducted in respect of such resources is not complete. Such risks and uncertainties may cause the anticipated results disclosed herein to be inaccurate. Actual results may vary, perhaps materially.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDUPUBAGUPUPGQ
Date   Source Headline
10th Jan 202412:50 pmRNSHolding(s) in Company
9th Jan 20247:00 amRNSCorporate Update
15th Dec 20234:13 pmRNSTR-1
1st Dec 20237:00 amRNSForm 8.3 - SDX ENERGY PLC
1st Dec 20237:00 amRNSForm 8.3 - SDX ENERGY PLC
27th Nov 20237:00 amRNSCorporate Strategy Update
22nd Nov 20237:00 amRNSDirectorate Change
31st Oct 20237:00 amRNSDrilling/Production Report
5th Oct 20237:00 amRNSContract
29th Sep 20237:00 amRNSINTERIM RESULTS
28th Sep 20237:00 amRNSKSIRI-21 WELL UPDATE
13th Sep 20237:00 amRNSGAS PREPAYMENT AGREEMENT
11th Sep 20237:00 amRNSResponse to Earthquake in Morocco
4th Sep 202310:00 amRNSHolding(s) in Company
4th Sep 20237:00 amRNSSPUD OF KSIRI-21 WELL IN MOROCCO
30th Aug 202310:23 amRNSHEADS OF TERMS SIGNED FOR DISPOSAL OF EGYPT ASSETS
27th Jul 20237:15 amRNSConvertible Loan Agreement
10th Jul 20237:00 amRNSTermination of Senior Employee
20th Jun 202312:19 pmRNSResult of AGM
12th Jun 20234:41 pmRNSHolding(s) in Company
12th Jun 20237:00 amRNSPOTENTIAL SALE OF EGYPTIAN ASSETS
5th Jun 20237:00 amRNSRenegotiation of Gas Sales Agreement in Morocco
2nd Jun 20235:30 pmRNSHolding(s) in Company
2nd Jun 20235:23 pmRNSHolding(s) in Company
25th May 20234:24 pmRNSNotice of AGM and Annual Report and Accounts
24th May 20237:00 amRNSManagement Appointments and Suspension of Employee
9th May 20237:00 amRNSAPPOINTMENT OF CHIEF FINANCIAL OFFICER
2nd May 20237:00 amRNSAlternative Energy Projects
28th Apr 20237:00 amRNSFULL YEAR 2022 FINANCIAL AND OPERATING RESULTS
7th Mar 20237:00 amRNSSOUTH DISOUQ DISPOSAL TRANSACTION RECONSTITUTION
1st Mar 20237:00 amRNSOPERATIONAL AND CORPORATE UPDATE
5th Jan 20237:00 amRNSHoldings in Company
23rd Dec 20227:00 amRNSNominated Adviser & Corporate Broker Appointment
1st Dec 20227:00 amRNSDirectorate Changes
17th Nov 20227:00 amRNSRESULTS FOR THE 3 AND 9 MONTHS TO 30 SEPT 2022
14th Nov 20227:00 amRNSResults of SAK-1 and KSR-20 wells in Morocco
31st Oct 20227:00 amRNSDirectorate Change
27th Sep 20227:01 amRNSAppointment of Chief Operating Officer
27th Sep 20227:00 amRNSBoard Change
21st Sep 20227:00 amRNSBoard Changes
13th Sep 20229:06 amRNSRELATED PARTY TRANSACTION
18th Aug 20227:00 amRNSRESULTS FOR THE 3 AND 6 MONTHS ENDED 30 JUNE 2022
11th Aug 20227:00 amRNSSPUD OF SAK-1 WELL, LALLA MIMOUNA SUD, MOROCCO
10th Aug 20225:00 pmRNSReplacement: Results of Court Meeting and GM
9th Aug 20229:34 amRNSTR-1: Notification of major holdings
2nd Aug 202210:51 amRNSDirector/PDMR Shareholding
2nd Aug 20227:00 amRNSSPUD OF MSD-27 WELL, WEST GHARIB CONCESSION EGYPT
1st Aug 20227:01 amRNS30 JUNE 2022 TRADING AND OPERATIONS UPDATE
1st Aug 20227:00 amRNSNEW MAJOR SHAREHOLDER GROUP
1st Aug 20227:00 amRNSForm 8.3 - SDX ENERGY PLC

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.