H217 growth programme starting up
In the half year results, SDX Energy reported H117 attributable production of 3,351boe/d. This drove Q217 revenues of $9.9m (compared to $8.1m in Q117) as the Moroccan assets were fully integrated. Cash flows increased markedly to $8.1m after sizeable reduction in working capital in Q217; cash has increased by $6.6m to $27.6m. The company remains on track for significant operational improvements in H217, with 12 workovers planned at NW Gemsa, facility upgrade and workover programme at Meseda and preparations for development at South Disouq. In Morocco, five development/appraisal wells and two exploration wells are planned to enable future increases in sales to the gas-hungry market. We look forward to the plans the company has for South Disouq. Our core NAV is unchanged at 55p/share (RENAV 67p/share)SDX Energy is engaged in the exploration, acquisition, development and production of oil and natural gas in Africa and Egypt. As of Dec 31 2010, total gross proved reserves for light and medium oil consisted of 3,593 thousand barrels ("mbbls"), natural gas liquids consisting of 211 mbbls and natural gas consisting of 2,575 million cubic feet.
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