SDX Energy announced that it has produced 3,724 barrels of oil equivalent per day (boe/d) during the six months ended in June 2022, which is higher 2% than the mid-point of the full year guidance estimated at 3,480-3 – 3,795 boe/d.
According to the data, the company’s production from South Disouq reached 2,710 boe/d compared to the full year expectations of 2,500 – 2,700 boe/d. While its production from West Gharib amounted to 376 boe/d, which is within the full year guidance of 380 – 470 boe/d.
Additionally, the financial results showed that SDX achieved net revenues of $22.3 million during the six months of H1 in 2022, compared to $27.1 million during the same period in 2021. It also stated that its Netback recorded $17.9 million which is lower 19% than the same period in 2021.
On this occasion, Mark Reid, CEO of SDX, commented: “The results for the last quarter have been both positive and encouraging with our production from Morocco and South Disouq ahead of our guidance and the drilling success seen at South Disouq earlier in the year already contributing to cashflows. Whilst mechanical issues with a rig at West Gharib mean that production is slightly lower than forecast, our success with the remainder of the wells, including as announced today, MSD-27, means that we are now achieving gross production of approximately 2,400-2,500 bbl/d from this concession, and we are set to continue to add valuable barrels to our production mix as the year progresses.”
“We believe that continued strong operational performance from the Company has been overshadowed to some degree by corporate news in the past quarter, with the proposed combination with Tenaz Energy ultimately not progressing and the introduction onto the Company’s register of a new group of shareholders led by Aleph Commodities Limited. We are very pleased to welcome the Aleph shareholders as long-term investors who are aligned with Management’s strategy of growth and increasing returns for all SDX stakeholders. We look forward to updating the market further as we work with our shareholders to map out what will be an exciting future for the Group,” Reid added.