Stock Market News
SDX Energy posts stellar set of full-year figures
SDX Energy issued its year-end financial results for the 12 months to 31 December on Friday, withy revenue surging to $39.2m from £12.9m in 2016.
The AIM-traded company said its netback rose to $28.9m from $7.6m, with its net realised average oil price and service fees per barrel improving to $46.70 from $31.51.
Its net realised average Morocco gas price was $9.51 per million cubic feet, with no comparator available from the prior year.
SDX swung to a total comprehensive profit of $28.3m, from the $28m loss it made in the 2016 financial year.
Net cash generated from operating activities was $21.6m, compared to a net cost of $1.9m in the previous year, with the firm ending the year with cash and cash equivalents of $25.8m, from $4.7m.
"2017 was an exceptional year for SDX, with the acquisition of Circle Oil's assets, enabling us to substantially increase production, and cash flow, over the course of the year," said president and CEO Paul Welch.
"We continued to see strong operational performance throughout the year across our portfolio."
In North West Gemsa, Welch said the company was seeing the results of its 12 successful workovers, and in Meseda it successfully drilled two exploration wells in 2017 followed by the successful Rabul-5 appraisal well earlier this month.
The remainder of 2018 would see a second appraisal well, Rabul-4, followed by two development wells on the Meseda area of the concession.
"Our nine well drilling programme in Morocco has seen five discoveries from seven wells drilled to date and we look forward to continuing this drilling success throughout the rest of 2018.
"As a company, we continue to focus on low cost, high margin production, thereby creating further value for our shareholders.
"Our strong funding position means we are well placed to capitalise on any suitable, value enhancing asset opportunities that may arise going forward," Welch added.
The AIM-traded company said its netback rose to $28.9m from $7.6m, with its net realised average oil price and service fees per barrel improving to $46.70 from $31.51.
Its net realised average Morocco gas price was $9.51 per million cubic feet, with no comparator available from the prior year.
SDX swung to a total comprehensive profit of $28.3m, from the $28m loss it made in the 2016 financial year.
Net cash generated from operating activities was $21.6m, compared to a net cost of $1.9m in the previous year, with the firm ending the year with cash and cash equivalents of $25.8m, from $4.7m.
"2017 was an exceptional year for SDX, with the acquisition of Circle Oil's assets, enabling us to substantially increase production, and cash flow, over the course of the year," said president and CEO Paul Welch.
"We continued to see strong operational performance throughout the year across our portfolio."
In North West Gemsa, Welch said the company was seeing the results of its 12 successful workovers, and in Meseda it successfully drilled two exploration wells in 2017 followed by the successful Rabul-5 appraisal well earlier this month.
The remainder of 2018 would see a second appraisal well, Rabul-4, followed by two development wells on the Meseda area of the concession.
"Our nine well drilling programme in Morocco has seen five discoveries from seven wells drilled to date and we look forward to continuing this drilling success throughout the rest of 2018.
"As a company, we continue to focus on low cost, high margin production, thereby creating further value for our shareholders.
"Our strong funding position means we are well placed to capitalise on any suitable, value enhancing asset opportunities that may arise going forward," Welch added.
Related share prices |
---|
SDX Energy Inc. (DI) (SDX) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price