Published on: March 27, 2017
FY2016 Final Results
SDX Energy has reported its final results with the company reporting a loss after tax of US$28.00 million due to an impairment charge and the write down of its assets in Cameroon. These results are largely immaterial due to the recent acquisition of Circle Oil’s Egyptian and Moroccan assets on 27 January 2017 which will provide a material step change in production, profitability and cash flow. The company is in strong financial health with net cash balances at the end of February of US$18.3 million which will allow management to grow the business. In the short term, the market will focus on the SDX-1 exploration well, onshore Egyptian, where success would prove to be transformational in terms of reserves and significant for shareholders. The well is expected to be completed early Q2 2017.