The company formerly known as SDX Energy Inc has confirmed the completion of its re-domicile transaction which saw an exchange of shares and a subtle renaming to SDX Energy plc (LON:SDX).
Though the transaction had several moving parts the outcome is quite simple – the company is now deemed to be a British company and its shares have been concurrently delisted from the Toronto venture exchange.
The company’s management team is based in London and its assets are in North Africa. Earlier this year, SDX told investors that the benefits of maintaining a dual listing and retaining its Canadian domicile status didn’t justify the additional costs.
In April, SDX noted that there’s a lack of interest among Canadian institutions, meanwhile, it believes the formal move to the UK will help further raise its profile, and, it added that certain types of investors in London and Europe are unable to invest in non-UK domiciled companies.
Earlier this month, the company announced management changes as former chief executive Paul Welch stepped down, replaced on an interim basis by chief financial officer Mark Reid.
A quarterly update meanwhile showed production amounted to 3,715 barrels of oil equivalent per day (boepd), up 22% compared to the same period in 2018, thanks to additional wells in Egypt and higher gas sales in Morocco.
Quarter-on-quarter comparatives, however, showed a 5% decline in output as a result of a higher water cut in wells at the North West Gemsa field.