SDX Energy reported a strong first quarter based largely on its fixed price gas business.
The company, which produces in Egypt and Morocco, reported production of 8,061 barrels of oil equivalent per day in the three-month period, up by 117% year on year. This increase was largely driven by its South Disouq facility which reached 4,994 boepd, made up of 51.4 million cubic feet per day and 511 bpd of condensate.
SDX, similar to many companies, has talked of the importance of conserving cash but capital expenditure has increased to $28.2mn this year, up from the $24.7mn it had predicted in April. This increase reflects the costs of tying in the SD-12X well in South Disouq.
Most of the capex has already been spent, reaching $15.5mn in the quarter.
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