Last checked at 31 Jul 2020 07:00
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.
31 July 2020
SDX ENERGY PLC
("SDX" or the "Company")
VESTING OF LTIP AWARDS & PDMR SHAREHOLDING
SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, announces the partial vesting of share options awarded under the terms of the SDX Energy Plc LTIP scheme ("LTIP" or "Plan").
As part of the Board's commitment to facilitating and encouraging share ownership amongst senior management and selected employees of the Company, and as disclosed in the Company's Annual Report, the awards made on 31 July 2017 to existing employees and between August and November 2017 to new joiners contained performance targets set with reference to the following:
· Earnings Before Interest, Taxation, Depreciation, Amortisation and Exploration Expense ("EBITDAX") in US$ millions;
· Working interest production in barrels of oil equivalent per day;
· Proved Developed Producing and Proved Undeveloped Reserves in barrels of oil equivalent; and
· Total Shareholder Return relative to the FTSE All Share Oil & Gas Index.
The Board has, in its discretion, determined that performance targets have been partially achieved such that a total of 263,548 nil-cost options will vest over ordinary shares, representing 0.129% of the Company's current issued share capital, of which 224,806 vested on 31 July 2020, with the remainder vesting on 31 August 2020, 7 September 2020, and 27 November 2020 (in aggregate, 38,742 nil-cost options).
A total of 136,972 nil-cost options awarded to persons discharging managerial responsibility ("PDMR") vested on 31 July 2020, 122,296 to Mark Reid and 14,676 to Nick Box. Assuming all nil-cost options are exercised, upon exercise of their nil-cost options, Mark Reid would own 583,499 shares, representing 0.285% of the Company's then issued share capital, and Nick Box would own 34,706 shares, representing 0.017% of the Company's then issued share capital.
For further information:
SDX Energy Plc Mark Reid Chief Executive Officer Tel: +44 203 219 5640
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Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) Callum Stewart Simon Mensley Ashton Clanfield Tel: +44 (0) 207 710 7600
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Peel Hunt LLP (Joint Broker) Richard Crichton David McKeown Tel: +44 (0) 207 418 8900
Cantor Fitzgerald Europe (Joint Broker) David Porter Tel: +44 (0) 207 7894 7000
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Camarco (PR) Billy Clegg Owen Roberts Violet Wilson Tel: +44 (0) 203 757 4980 |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mark Reid | ||||
2 | Reason for the notification | |||||
a) | Position/status | CEO | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer | |||||
a) | Name | SDX Energy PLC | ||||
b) | LEI | 213800ALYZJ5JN26DY75 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification Code |
Nil-cost options over Ordinary shares of GBP £0.01 GB00BJ5JNL69 | ||||
c) | Nature of the transaction | Acquisition | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
| ||||
e) | Date of the transaction | 31 July 2020 | ||||
f) | Place of the transaction | XOFF | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Nicholas Box | ||||
2 | Reason for the notification | |||||
a) | Position/status | CFO | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer | |||||
a) | Name | SDX Energy PLC | ||||
b) | LEI | 213800ALYZJ5JN26DY75 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification Code |
Nil-cost options over Ordinary shares of GBP £0.01 GB00BJ5JNL69 | ||||
c) | Nature of the transaction | Acquisition | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
| ||||
e) | Date of the transaction | 31 July 2020 | ||||
f) | Place of the transaction | XOFF | ||||
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: a 55% operated interest in the South Disouq gas field in the Nile Delta, a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert, adjacent to the Gulf of Suez, and a 12.75% non-operated interest in the South Ramadan concession offshore Gulf of Suez. In Morocco, SDX has a 75% working interest in five development/production concessions, all situated in the Gharb Basin. The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs. SDX has a strong weighting of fixed price gas assets in its portfolio with low operating costs and attractive margins throughout, providing resilience in a low commodity 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.
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.
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 Financial Review for the year ended 31 December 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 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 forward‐looking information, except as required by applicable law. The forward‐looking information contained herein is expressly qualified by this cautionary statement.