SDX Energy Plc announced its operational highlights in Egypt and Morocco that included successful drilling programs in both countries and record production. The company also confirmed its strong financial position entering H2.
Mark Reid, CEO of SDX, commented: “We are very pleased with what has been a strong first half of 2020 for SDX, despite the many challenges faced in the period. Production hit record levels and we made some important discoveries in both Egypt and Morocco, which have added significant value to the Company’s portfolio, with the Sobhi discovery, in which we have a 100% working interest, expected to be brought on stream in Q1 2021. Our drilling success has also opened up new exploration prospects that we expect to be of significant value to us. With eight confirmed discoveries from our Egypt and Morocco drilling campaigns and one well still to be tested, reduced G&A expenses and a successful disposal, we have allocated capital with success and discipline in the period.
“We enter the second half of 2020 in a very strong position with minimal upcoming capital commitments, a strong balance sheet, and a portfolio of fixed and high price gas assets which will generate significant free cash flow. We will continue to implement our strategy for the remainder of the year, focusing on ways that we can further grow the business, both organically and inorganically, in the best interests of all stakeholders.”
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