SDX Energy (SDX)

Business description

SDX Energy is a North African onshore player listed in Toronto and London. It has oil and gas production in Egypt, and Moroccan gas production. A large gas discovery was recently made at South Disouq.

Stock data

Market cap.£102.2m
Last close50.00p
High / Low (52 weeks)67.4p / 24.5p
Stock market listingLN, CN
Forecast net cash (US$m)23.3
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(6.5)9.9100.0
Relative *(4.8)10.481.2

* % Relative to local index

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Company news

SDX Energy declares another new gas discovery onshore Morocco

Mon, 13 Nov 2017 08:14:48 GMT

SDX Energy strikes another new discovery

Wed, 11 Oct 2017 06:33:16 GMT

SDX Energy kicks off KSR-15 well at Sebou project

Fri, 27 Oct 2017 06:22:30 GMT

SDX Energy has seen quick fire success but there's plenty more to come

Wed, 11 Oct 2017 14:56:07 GMT

SDX Energy kicks off KSR-14 well at Sebou onshore Morocco

Mon, 18 Sep 2017 06:47:16 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 11.4 2.7 11.1 30.6 2.2 N/A
2016A 12.9 5.7 (26.7) 8.9 7.4 N/A
2017E 35.8 20.7 4.8 2.7 24.5 5.7
2018E 54.9 35.9 20.2 9.5 7.0 3.9

Last updated on 24/10/2017

Investment summary

SDX Energy has announced two successful well results in recent weeks, with additional oil discovered in Egypt and more net pay found in its first Moroccan gas well than expected. The next six months are busy ones for SDX, with eight more wells to be drilled in Morocco to supply a high-value gas market. Two wells will be drilled in Egypt to delineate its existing South Disouq discovery and two exploration wells will target prospects that could materially increase the gas resources. In addition, programmes at NW Gemsa and Meseda should materially increase production. Our NAV increases from 64p to 65p/share (increases in absolute terms are partially offset by foreign exchange movements).

Last updated on 02/11/2017

Industry outlook

SDX remains open to adding to its portfolio and sees Egypt as a natural market for consolidation given the large number of small players. Its acquisition of Circle Oil's Egyptian and Moroccan assets in early 2017 shows that it is able to negotiate and complete transactions efficiently.

Last updated on 02/11/2017

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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