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Published on: February 2, 2017

Circle Oil acquisition a game changer

SDX Energy has acquired the Egyptian and Moroccan assets of Circle Oil, debt free, for a gross consideration of US$30 million (US$28 million net of working capital adjustments). We believe that this is an exciting purchase that provides a substantial boost to production, reserves and cash flow potentially generating incremental free cash flow of approximately US$50 million over the next two years which will allow management to build up the business both organically and through acquisition.

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