SDX Energy announces fourth quarter and year-end 2018 financial and operating results and guidance for 2019

SDX Energy, the North Africa-focused oil and gas company, has announced its financial and operating results for the three months and year ended the 31^st December 2018.

Paul Welch, President & CEO of SDX Energy, commented: “During 2018, we achieved strong operational success across our portfolio, significantly grew our annual cash flows, achieved our Egyptian production targets and began to grow our Moroccan business meaningfully. Thus making 2018 another successful year for the company.

In Egypt, we completed our drilling programme at South Disouq, with an 80% success rate, and stand poised to achieve first gas from the concession in mid-2019. At Meseda and North West Gemsa we achieved seven discoveries from seven wells drilled and undertook successful ESP replacement/workover programs in both concessions.

“We also reduced our trade and other receivables by 36% (US$13.4 million), during the course of the year, allowing us to increase our investment programme significantly without requiring any external funding.

“This increase has continued post-period end, with a further US$7.65 million of trade receivables in Egypt being offset against costs from State contractors used on the South Disouq development project.

“In Morocco, we completed our highly successful drilling campaign in-country, amassing seven discoveries from nine wells. We also acquired and processed a 240 square kilometres 3D seismic program at our Gharb Centre licence, which has yielded further drilling targets for our 12-well drilling campaign, expected to begin in the third quarter of  2019.

“We also signed gas sales agreements with several new customers, all of which are expected to be highly beneficial to the value of our business in the future.

“Our focus remains on realising value for shareholders through low-cost, high-margin production across our current portfolio. We are looking forward to another exciting year in 2019 and will keep all our shareholders updated throughout the period.’”

Source: Energy-pedia