All monetary values are expressed in
The Group had mixed drilling results. The disappointment was the unsuccessful Hanut well, however there were a lot of positives; the IY-2X development well was drilled successfully and production brought on quickly maximising value from the field. In
At West Gharib in
SDX's board and management has always approached the business from the perspective of maximising value for all stakeholders. As such, we were pleased to announce in
I am very confident that the upcoming year will be a positive one for SDX and that with a healthy balance sheet and a fully-funded drilling campaign targeting some exciting value-accretive prospects, we will finish the year in an even stronger position. The share price performance has clearly been very disappointing and I and my board colleagues are focussed on reversing this trend. I would like to extend my thanks to our shareholders for their commitment throughout the period and to all of our wider stakeholders for the support they continue to give SDX.'
About SDX
SDX is an international oil and gas exploration, production, and development company, headquartered in
Contact:
Tel: +44 203 219 5640
Forward-looking information
Certain statements contained in this press release may constitute 'forward-looking information' as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as forward-looking information. In particular, statements regarding: the Company's disposal of 33% of its interests across its South Disouq concession and the use of proceeds of same; the Company's intention to initiate a share buyback program; the Company's 2022 production and capex guidance; liquidity and sources of cash flows in 2022; the impact of COVID-19 on the Company's future production; future drilling developments, costs and results; the likely reduction in availability of the EBRD credit facility and management's beliefs with respect to the Company's overall economic position should all be regarded as forward-looking information.
The forward-looking information contained in this document is based on certain assumptions, and although management considers these assumptions to be reasonable based on information currently available to them, undue reliance should not be placed on the forward-looking information because SDX can give no assurances that they may prove to be correct. This includes, but is not limited to, assumptions related to, among other things, commodity prices and interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; future production rates; receipt of necessary permits; the sufficiency of budgeted capital expenditures in carrying out planned activities, and the availability and cost of labour and services.
All timing given in this announcement, unless stated otherwise, is indicative, and while the Company endeavours to provide accurate timing to the market, it cautions that, due to the nature of its operations and reliance on third parties, this is subject to change, often at little or no notice. If there is a delay or change to any of the timings indicated in this announcement, the Company shall update the market without delay.
Forward-looking information is subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such risks and other factors include, but are not limited to, political, social, and other risks inherent in daily operations for the Company, risks associated with the industries in which the Company operates, such as: operational risks; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition; permitting risks; the ability to access sufficient capital from internal and external sources and changes in legislation, including but not limited to tax laws and environmental regulations. Readers are cautioned that the foregoing list of risk factors is not exhaustive and are advised to refer to the Principal Risks & Uncertainties section of SDX's Annual Report for the year ended
The forward-looking information contained in this press release is as of the date hereof and SDX does not undertake any obligation to update publicly or to revise any of the included forward looking information, except as required by applicable law. The forward looking information contained herein is expressly qualified by this cautionary statement.
(C) 2022 Electronic News Publishing, source