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.£107.8m
Last close54.75p
High / Low (52 weeks)67.4p / 22.0p
Stock market listingLN, CN
Forecast net cash (US$m)28.5
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual23.42.3123.5
Relative *24.63.9109.9

* % Relative to local index

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Company news

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

Mon, 18 Sep 2017 06:45:00 GMT

SDX Energy Inc. ("SDX" or the "Company") Announces its Second Quarter and Half ...

Fri, 25 Aug 2017 06:00:00 GMT

SDX ENERGY INC. ("SDX" or the "Company") - Update on South Disouq Drilling ...

Wed, 01 Mar 2017 06:56:15 GMT

SDX Energy completes US$10mln equity funding

Fri, 15 Sep 2017 08:15:00 GMT

SDX Energy raises US$10mln in oversubscribed funding to accelerate Egypt and ...

Wed, 06 Sep 2017 07:00:29 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 11.4 2.6 11.1 19.5 3.6 N/A
2016A 12.9 (19.2) (26.7) (39.4) N/A N/A
2017E 40.3 24.7 6.3 3.2 22.2 5.0
2018E 67.1 49.9 31.8 16.4 4.3 2.7

Last updated on 21/07/2017

Investment summary

SDX has announced a £10m equity raise targeting an accelerated exploration and development well programme (in addition to its existing aggressive work programme). Two wells in Egypt will target the largest prospects close to South Disouq and aim to de-risk up to 150bcf (P50) of the prospective resources, and enable SDX to right-size the production facilities for the most economic development. In Morocco, two further wells will target around 2bcf of gas that can be quickly developed and sold at high netback prices. As such, the £10m (65% underwritten by the largest shareholder) will go entirely to growth projects that have high IRRs/NPVs, and speed up the exploitation of its development resources. The company remains in strong financial health, but the additional capital will add further momentum to realising value from the portfolio. We will update our forecasts and valuation in coming days, which currently stand at 55p/share (core NAV) and 67p/share (RENAV).

Last updated on 06/09/2017

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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