SDX ENERGY INC. ("SDX" or the "Company") - Announces Fourth Quarter and Year-End 2016 Financial and Operating Results and Provides Guidance for 2017

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.

LONDON, March 24, 2017 /CNW/ - SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce its financial and operating results for the three months and year ended December 31, 2016 (with full year results prepared on an audited basis).  The Company's full annual audited financial statements and annual report have been published on the Company website at www.sdxenergy.com and on SEDAR at www.sedar.com and will shortly be posted to shareholders.  All dollar values are expressed in United States dollars net to the Company unless otherwise stated.

Highlights - three months and year ended December 31, 2016

Corporate and Financial

  • SDX's key financial metrics for the 3 and 12 months ended December 31, 2016 and 2015 are as follows

Three months ended
December 31

Twelve months ended
December 31 (audited)

US$ million except per unit amounts

2016

2015

2016

2015

Net Revenues

5.4

3.4

12.9

11.4

Netback(1)  

3.6

1.0

7.6

6.4

Net realized average oil/service fees - US$/barrel

36.61

33.09

31.50

35.74

Net realized average gas price - US$/mcf

1.22

-

1.22

-

Non-cash exploration and evaluation write down

-

-

(28.4)

-

Non-cash impairment expense

(4.3)

(6.8)

(4.3)

(6.8)

Total comprehensive income/ (loss)

(2.1)

8.5

(28.0)

9.4

Net cash (used in)/generated from operating activities

0.6

(2.3)

(1.9)

(5.2)

Note:

(1) Refer to "Non-IFRS Measures" section of this release below for details of Netback.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SDX Energy Inc.

For further information: SDX Energy Inc., Paul Welch, President and Chief Executive Officer, Tel: +44 203 219 5640; Mark Reid, Chief Financial Officer, Tel: +44 203 219 5640; Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker), Sarah Wharry/Craig Francis, Tel: +44 207 894 7000; GMP FirstEnergy (Joint Broker), Jonathan Wright/David van Erp, Tel: +44 207 448 0200; Celicourt (PR), Mark Antelme/ Joanna Boon, Tel: +44 207 520 9260


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