SDX Energy is a MENA-focused, international oil and gas exploration, production, and development company headquartered in London. The Company was created in October 2015 through the merger of TSX-listed Sea Dragon Energy and privately owned Madison PetroGas.
In 2016, the Company successfully listed on the Alternative Investment Market (AIM) of the London Stock Exchange, raising US$11 million in the process. The Company’s management team has significant experience in the oil & gas sector and is led by an Board of Directors that is focused on safely and cost effectively producing and developing its current resource base, as well as discovering new resource.
SDX uses a low-cost base, balance-sheet conscious strategy and, as a result, has built a financially strong and stable business since listing on AIM. SDX has high-margin producing assets in Egypt and Morocco with long-term, fixed-price gas contracts, leaving SDX largely insulated from fluctuations in the Brent oil price and with significant growth potential.
For Circle Oil
In January 2017, SDX successfully acquired a portfolio of oil and gas production and exploration assets in Egypt and Morocco, which were formerly held by Circle Oil plc, for a cash sum of $30 million. In Egypt, SDX has a working interest in four producing assets: a 55% operated interest in the South Disouq concession in the Nile Delta, a 50% non-operated interest in the Meseda concession located onshore in the Eastern Desert adjacent to the Gulf of Suez, and a 12.75% non-operated interest in South Ramadan concession, offshore Gulf of Suez. In Morocco, SDX has a 75% operated working interest in five exploration permits, all situated in the Gharb Basin. SDX’s portfolio also includes high impact exploration opportunities in both Egypt and Morocco.
SDX’s strong and diverse portfolio of assets alongside a proven track record in the region means the Company is well placed to increase its production profile over the coming years. Egypt is home to some of the world’s most prolific hydrocarbon basins and remains a best in class region to operate. Morocco has one of the best E&P fiscal regimes in the world and the local supply shortfall for natural gas means the domestic market can be highly profitable for producers in the region.
In line with corporate strategy to be as cost efficient as possible, SDX Energy delisted from the TSX-V and moved the corporate residence of the holding company to the UK from Canada in May 2019.
As a Company, SDX continues to assess value accretive M&A opportunities in and around the MENA region that have the potential to enhance the Company’s production scale and generate value for shareholders.