SDX Energy announces trading and operations update
AIM-listed SDX Energy, the MENA-focused oil and gas company, has provided an update on the South Disouq SD-12X well achieving first gas, its unaudited operating results, cash and liquidity position for the twelve months ended 31 December 2020 and its planned drilling campaigns for 2021.
Mark Reid, CEO of SDX, commented:
‘I am very pleased to be able to announce a strong end to 2020 and a promising start to 2021 with our SD-12X (Sobhi) well, where we have 100% entitlement interest, coming on stream six weeks ahead of schedule. Production from two of our three core assets beat 2020 guidance (being South Disouq and Morocco, where production is now back to pre-Covid close down levels) while our third core asset (West Gharib) came in at the top end of guidance. Furthermore, as a result of our continued focus on capital discipline, I am pleased to report that our 2020 capex spend was approximately US$1million lower than our guidance of US$26million.
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