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Published on: May 19, 2017

Q1 2017 Earnings

SDX Energy has reported its Q1 2017 earnings. The company has reported a comprehensive profit of US$26.9 million which was predominantly due to a gain on the acquisition of the Egyptian and Moroccan operations of Circle Oil in January 2017. The company had an underlying netback of US$6.1 million over the period. The company also noted a strengthening of its balance sheet with net cash increasing to US$21.1 million up from US$18.3 million at the end of February (after its placing). These results are encouraging but we expect the market to be focused on the testing of the SD-1X gas discovery which is expected to start soon. We make no changes to estimates.

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