SDX Energy Inc. ("SDX" or the "Company") Announces its Second Quarter and Half Year to June 30, 2017 Financial and Operating Results

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, Aug. 25, 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 and six months ended June 30, 2017.  All dollar values are expressed in United States dollars net to the Company unless otherwise stated.

Highlights – three and six months ended June 30, 2017

Corporate and Financial

  • SDX's key financial metrics for the three and six months ended June 30, 2017 and 2016 are as follows;


Three months ended

 June 30

 

Six months ended

 June 30

 

U$ millions except per unit amounts

2017

2016

2017

2016

Net Revenues

 

9.9

2.5

18.0

4.6

Netback(1)   

6.9

1.2

13.0

2.3

Net realized oil sales and production service fee - ($/bbl)

42.62

31.79

43.44

28.01

Net realized gas price - ($/mmcf) (2)

5.60

-

5.56

-

Netback – US$/boe

20.57

11.56

21.48

10.63

Depletion, depreciation and amortization(3)

(4.9)

(0.8)

(8.4)

(1.7)

(Loss)/gain on acquisition

(0.1)

-

29.4

-

Total comprehensive (loss)/income/

(0.4)

(25.2)

26.5

(26.0)

Net cash generated from/(used in) operating activities

8.1

(1.0)

11.1

0.8

Cash and cash equivalents

27.6

6.9

27.6

6.9

 

Note:

(1)

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

(2)

Net realised average gas price in Morocco was US$9.18/mmcf and Egypt was US$1.00/mmcf

(3)

Increased DD&A reflects the impact of the acquisition of Circle Oil's producing assets in Egypt and Morocco and the 8' Pipeline in Morocco.

 

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, Tel: +44 207 894 7000; GMP FirstEnergy (Joint Broker), Jonathan Wright/David van Erp, Tel: +44 207 448 0200; Celicourt (PR), Mark Antelme/Jimmy Lea, Tel: +44 207 520 9260


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