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SDX Energy confirms positive operations and financial performance

“Our focus remains on realizing value for shareholders through low-cost, high-margin production across our current portfolio"
oil and gas operations
SDX generated US$36.2mln of cash from operations, up from US$21.6mln in 2017

SDX Energy Inc (LON:SDX, CVE:SDX) revealed a step up in revenue generation in the fourth quarter and full year.

At the same time, SDX told investors that it is looking forward to another exciting year in 2019.

Fourth quarter revenue US$13.8mln, compared to US$11mln in the same period last year, meanwhile, for the twelve months ended 31 December the company generated US$53.7mln up from US$39.2mln in 2017.

Earnings less exploration costs (EBITDAX) for the quarter amounted to US$7.1mln, and, for the full year, it totalled US$34.4mln, up fromUS$21.4mln.

READ: SDX Energy looks ahead to huge year in 2019

It generated net cash of US$8.9mln from operating activities in the quarter, with the sum for the full year amounting to US$36.2mln up from US$21.6mln in the year before.

SDX ended December with US$17.4mln of cash and equivalents.

"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,” said Paul Welch, SDC Energy.

“Thus making 2018 another successful year for the company.”

Welch added: “Our focus remains on realizing 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."

In Egypt, SDX’s operational highlight was the successful drilling at the South Disouq project where production is due to come online in ‘mid-2019’.

The company highlighted that the amount of past recoverables due from the Egyptian authorities reduced during 2018, narrowing by 36% to US$13.4mln, and that trend has continued in the current year.

Morrocan operations, meanwhile, the company unearthed seven discoveries in nine wells during 2019 and a new campaign of twelve wells is due to kick off in the third quarter. Commercially, a new sales agreement was signed last year.

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