20th Aug 2021 12:05
SDX Energy PLC - London-based oil and gas exploration, production, and development company - Pretax loss widens to USD6.4 million in the first half of 2021, from USD2.0 million from a year prior, revenue net of royalties is USD27.1 million compared to USD21.9 million last year. Expects cash generation to continue strongly through 2021 and beyond, around 85% of cash flows expected from fixed-price gas businesses.
Hanut-1X exploration well, based in South Disouq, Egypt, will be abandoned after not encountering gas-bearing sands. SDX will assess whether South Disouq should be impaired after the results. SDX anticipates 2021 and 2022 work programmes will be fully funded, ups 2021 capital expenditure guidance to USD26.5 million-USD28.0 million from USD25.0 million-USD26.5 million.
"The producing assets in Egypt and Morocco are performing well and we remain above our mid-point guidance for the year. Our drilling activities have yielded three successful wells in Morocco, all of which are now onstream and contributing to cash flow, and one at South Disouq, which is due to start up shortly," said Chief Executive Mark Reid.
Current stock price: 11.75 pence
Year-to-date change: down 35%
By Josie O'Brien; [email protected]
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