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.£109.8m
Last close58.75p
High / Low (52 weeks)67.4p / 20.0p
Stock market listingLN, CN
Forecast net cash (US$m)20.9
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(5.2)23.4190.1
Relative *(8.1)18.1142.9

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 11.4 0.0 11.1 0.2 379.3 N/A
2016A 12.9 0.0 (26.7) (0.4) N/A N/A
2017E 45.5 0.0 9.9 0.1 758.6 4.7
2018E 80.9 0.0 35.9 0.2 379.3 2.5

Last updated on 23/05/2017

Investment summary

SDX Energy has released its first quarter 2017 results, the first period incorporating its recent acquisition of Egyptian and Moroccan assets. As expected, hydrocarbon sales rose significantly, totalling 2.991mboe/d and more than doubling year-on-year, while oil netbacks also increased markedly to $44.4/boe. During the period, the company successfully drilled the South Disouq well, proving a gas resource that could start production within 12 months. We leave our NAV unchanged at 76p/share, and await the results of testing the well in the coming weeks.

Last updated on 22/05/2017

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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