London Stock Exchange welcomes SDX Energy to AIM
SDX Energy, an international exploration, production and development company, was admitted to the AIM market of the London Stock Exchange this morning. The Company is also listed on the TSX-v in Toronto and is headquartered in London.
SDX Energy has a principal focus on Egypt, where the Company has an interest in two production concessions: North West Gemsa and West Gharib, both located in the Eastern desert. Its portfolio also consists of South Ramadan, a development asset in the Gulf of Suez; South Disouq, an exploration asset in the Nile Delta; and Bakassi West, an exploration block in Cameroon within the prolific Niger Delta Basin. The Company’s producing assets are high margin, which means positive free cash flow can be generated down to US$15/bbl Brent. The Company is listing on AIM in order to generate new funds to execute a near-term work programme on the Company’s Meseda asset which has the potential to double production. The funds will also go towards a 3D seismic programme on South Disouq, the Company’s high impact exploration license onshore Nile Delta, where the Company will be fully carried on a well later this year.
The Company successfully raised approximately £7.6 million (approximately US$11 million) through a placing and subscription of 42,201,835 Placing Shares at 18 pence per Placing Share. 3,910,000 Placing Shares (“Conditional Placement Shares”) have been placed conditionally upon the filing by one of the investors with the TSX-V of a Personal Information Form (as defined in the policies of the TSX-V) and the receipt from the TSX-V of final acceptance of the subscription for the Conditional Placement Shares (the “Condition”). Cantor Fitzgerald are Nomad and Joint Broker and FirstEnergy Capital are Joint Broker.
Paul Welch, SDX Energy CEO commented:
“Our admission to AIM is a significant milestone and represents another transformational event for the Company following the creation of SDX Energy through our merger in October 2015.
We believe that AIM will provide a supportive platform to help us achieve our ambitious growth objectives. The new funds raised will enable us to significantly increase production in Meseda, our resilient, high-margin producing asset and also complete the work program on S. Disouq, our high impact exploration opportunity in Egypt. We believe that we are uniquely placed to thrive in this low oil price environment and look forward to the next chapter in our story with confidence.”