SDX Energy PLC – London-based energy company with exploration, development and production assets in Egypt and Morocco – Pre-tax loss narrows sharply from USD 35.6 million in 2022 to USD 5.9 million in 2023. Revenue, net of royalties, falls 50% from USD 13.7 million to USD 8.8 million. In particular, exploration and evaluation expenses fall from USD 22.6 million to USD 5.7 million. Depletion, depreciation and amortization costs decrease from USD 10.1 million to USD 5 million. Depreciation charges decrease from USD 4.8 million to zero.
The company sees 2023 as a “transformational period,” citing new anchor investors and gas prepayment agreements. “Our strategic direction and the evolution of SDX from a pure oil and gas business to an integrated, hybrid energy provider in Morocco has gained momentum throughout the year. We have laid the foundations to execute on this strategy through 2024 and beyond,” the company said.
Looking ahead, SDX Energy states: “We are currently in discussions with ONHYM to agree future permitting requirements, which include the completion of further 3D seismic work either in late 2024 or early 2025. SDX is also considering proposals on how best to expand its infrastructure to reach other potential prospects (beyond what has already been mentioned above) within our permit areas.”
Current share price: 3.30 pence per share, down 4.3% on Monday afternoon in London
12-month change: down 44%.
By Tom Budszus, Alliance News Editor
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