{"id":8573,"date":"2020-07-14T07:46:36","date_gmt":"2020-07-14T07:46:36","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8573"},"modified":"2020-07-14T07:46:36","modified_gmt":"2020-07-14T07:46:36","slug":"egypt-sdx-energy-disposes-non-core-assets","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-sdx-energy-disposes-non-core-assets\/","title":{"rendered":"EGYPT: SDX Energy Disposes Non Core Assets"},"content":{"rendered":"

SDX Energy Plc, the MENA-focused oil and gas company, announces that it has disposed of its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert of Egypt. The purchaser, Gulf Energy, a private Egyptian oil and gas company, has paid US$3.0 million in consideration for the Company’s interest, of which US$1.4 million has been used to discharge the Company’s remaining liabilities on the licence.<\/span>\u00a0<\/span><\/p>\n

The net US$1.6 million proceeds exceeds management’s expectations for the sale of this non-core asset. The disposal is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio whilst also providing additional cash to further strengthen its balance sheet.<\/span>\u00a0<\/span><\/p>\n

Mark Reid, CEO of SDX, commented:\u00a0<\/span>\u00a0<\/span><\/p>\n

“We are\u00a0<\/span>pleased to complete the sale of our interest in the North West Gemsa licence. Whilst we have presented our interest in the licence as non-core for some time, owing to its reducing production and marginal netbacks, it is a welcome outcome to be exiting the licence with a useful cash consideration and also avoiding the upcoming associated budgeted capex of approximately\u00a0US$2.0 million\u00a0for the year. This deal demonstrates our continued focus on portfolio and capital management, and we look forward to recycling the cash into projects that will further enhance and grow our business in the future.”<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SDX Energy Plc, the MENA-focused oil and gas company, announces that it has disposed of its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[709,7819,7818,7820],"class_list":["post-8573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-egypt","tag-gulf-energy","tag-north-west-gemsa-licence","tag-sdx-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-NW-Gemsa-Permit-Map-1.jpg?fit=1600%2C1097&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2eh","jetpack-related-posts":[{"id":9441,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-sdx-energy-provides-operational-update\/","url_meta":{"origin":8573,"position":0},"title":"EGYPT\/ MOROCCO: SDX Energy Provides Operational Update","author":"","date":"November 19, 2020","format":false,"excerpt":"Nine months to\u00a030 September 2020\u00a0Operations Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Average entitlement production of 6,646 boe\/d, an increase of 90% from the nine months to\u00a030 September 2019\u00a0(3,501 boe\/d) and 64% higher than average production during FY 2019 (4,062 boe\/d) due to strong production levels mainly from South Disouq, which delivered gross production of 48.6\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10064,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-sdx-energy-provides-full-year-2020-financial-operating-results\/","url_meta":{"origin":8573,"position":1},"title":"EGYPT\/ MOROCCO: SDX Energy Provides Full Year 2020 Financial & Operating Results","author":"","date":"March 21, 2021","format":false,"excerpt":"Mark Reid, CEO of SDX, commented: \"After what has been a very disruptive period for both businesses and people, I am extremely pleased to announce a set of results featuring record production, a strong balance sheet and successful drilling results.\u00a0 Operationally, 2020 was a strong year for the Group and\u2026","rel":"","context":"In 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boe\/d, an increase of 97% from H1 2019 and 72% higher than average production during FY 2019 (4,062 boe\/d) due to strong production levels mainly from South Disouq, which continued to perform ahead of expectations at gross production of\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=525%2C300 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There is no change to the underlying economic substance of the original transaction. 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