SDX Energy

Our view

SDX Energy is an Egyptian focused E & P company. With its strong balance sheet management is focused on building up its high margin production at its Meseda licence (SDX 19% entitlement interest). Here the work-over and waterflood programme is expected to double production to over 8,000 bbl/day. The company has exciting exploration in its South Disouq licence (SDX 55%) where success at its well at the end of the year could be transformational for shareholder value. The net cash on the balance sheet will also be used to bolster the business.

Summary

SDX Energy was recently formed through the merger of Sea Dragon and Madison Petrogas and is an Egyptian management focused E & P player. The company has a strong balance sheet with net cash which the management will use to build up the business organically and through acquisition.

Recent Analysis

SDX: FY2016 Final Results

Published on 27/03/2017

SDX Energy: South Disouq well spuds

Published on 20/03/2017

Financials

Year RevPBTEPSDiv
2014 A 24.50.1
2015 A 11.40.2
2016 A 12.9-0.4
2017 E 59.80.2
2018 E 64.60.2
2019 E 53.00.2