LONDON, Sept. 26, 2016 /CNW/ - SDX Energy Inc. (TSXV, AIM: SDX), the Egypt focused oil and gas company, is pleased to welcome Michael Raynes, Non-Executive Director, and Mark Reid, Chief Financial Officer, to the Board of Directors (the "Board").
Paul Moase and Barrie Wright, formerly Non-Executive Directors, will retire from the Board with immediate effect and the Company thanks them both for their extremely valuable service during their directorships.
Michael Raynes is the Managing Partner of MEA Energy Advisory UK LLP, an Energy focussed investment advisory partnership, and a Director of MEA Energy Investment Company Limited. MEA Energy Investment Company Limited is a significant shareholder in SDX Energy Inc. Previously he was the Chief Operating Officer of Waha Capital with responsibility for all investing activity including Sales & Trading, Private Equity, Infrastructure, Real Estate and Energy. He brings with him an intricate understanding of investing in the Middle East and North Africa and has established a strong track record of adding value to businesses and generating strong returns for investors. Prior to Michael's role at Waha Capital, he was a Senior Investment Banker with Barclays Capital in London.
A Chartered Accountant, Mark Reid spent his early career working with Ernst & Young Corporate Finance and BNP Paribas Fortis, where he spent seven years as an investment banker focused on Oil and Gas in Emerging Markets. Most recently Mark was Finance Director at Chariot Oil & Gas PLC and Aurelian Oil and Gas PLC where he had significant exposure to M&A transactions and the equity and debt capital markets. Mark was appointed Chief Financial Officer of SDX Energy Inc. on November 13, 2015.
Michael Doyle, Non-Executive Chairman of SDX Energy, commented:
"I would like to thank Paul Moase and Barrie Wright for their significant contribution to SDX. We are extremely pleased to welcome Michael Raynes and Mark Reid to the Board of SDX. Collectively they bring a wealth of experience across finance, the oil and gas sector and the region. They join the Board at an exciting stage in SDX's corporate development as we carry out important work-streams across our portfolio of exploration, development and production assets in Egypt. I am confident that their expertise will prove extremely valuable as we look to further grow the business."
SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on Egypt. In Egypt, SDX has an interest in two production concessions: North West Gemsa and West Gharib (Meseda) both located in the Eastern Desert. SDX's portfolio also consists of South Ramadan, a development asset in the Gulf of Suez and South Disouq, an exploration asset in the Nile Delta. For further information, please see the website of the Company at www.sdxenergy.com or the Company's filed documents at www.sedar.com.
Further information disclosed pursuant to AIM Rule 17 and Schedule 2(g)
(within the past 5 years)
Michael John Raynes
MEA Energy Investment Company Limited
MENA Infrastructure Fund
Sea Dragon Energy (UK) Limited
Sea Dragon Coöperatieve U.A.
Sea Dragon Energy Holdings B.V.
Sea Dragon Energy (GOS) B.V.
Sea Dragon Energy (NW Gemsa) B.V.
Sea Dragon Energy (Nile) B.V.
SDX Energy Investments (UK) Limited
Sea Dragon Energy Holding Ltd (BVI)
National Petroleum Company Shukheir Marine Ltd. (BVI)
National Petroleum Company South Ramadan Ltd. (BVI)
Chariot Oil & Gas Statistics Limited
Aurelian Oil & Gas Limited
AOG Finance Limited
Balkan Explorers (Bulgaria) Limited
Mark Reid is beneficially interested in 172,500 common shares in SDX and also has 400,000 options to subscribe for common shares at CAD$0.63 per share. Subject to certain performance criteria, these options vest 1/3 equally on November 30, 2015, 2016 and 2017 and must be exercised by November 30, 2020.
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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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 7894 7000; FirstEnergy Capital LLP (Joint Broker): Jonathan Wright/David van Erp, Tel: +44 207 448 0200; Celicourt (PR): Mark Antelme/Joanna Boon, Tel: +44 207 520 9260