Duyuru • Jan 29
SDX Energy Expects Share Cancelation on AIM Effective February 03 SDX Energy plc announced details of the secondary market trading facility that will be in place following the cancellation of trading on AIM of its Ordinary shares ("Cancellation"), following approval by shareholders at the General Meeting held on 24 January 2025. The last day of dealings in Ordinary Shares on AIM is expected to be 31 January 2025 and the Cancellation will take effect from 7.00 a.m. on 3 February 2025. Duyuru • Dec 09
SDX Energy plc Proposes Cancellation of Admission of Ordinary Shares to Trading on AIM SDX Energy plc announced the proposed cancellation of admission of its ordinary shares to trading on AIM (the "Cancellation"), re-registration of the Company as a private limited company (the "Re-registration") and the adoption of new articles of association more suitable for a private limited company (the "New Articles"). On or around 13 December 2024, the Company will publish a circular setting out the background to and reasons for the proposed Cancellation, the Re-registration and associated adoption of the New Articles (the "Circular"). The Directors have conducted a careful review of the benefits and drawbacks to the Company and the Shareholders of retaining the Company's admission to trading on AIM and believe that the Cancellation is in the best interests of the Company and the Shareholders as a whole. In reaching this conclusion, the Board has consulted certain Shareholders and has considered the following key factors amongst others: Costs and burden of maintaining a public listing; Strategic flexibility; Lack of liquidity; Market volatility; and Funding options. The Circular will also contain a notice convening a general meeting (the "General Meeting") at which Shareholders will be invited to consider and, if thought fit, approve the proposed Cancellation, the Re-registration and adoption of the New Articles. Shareholders should note that they are able to trade in the Ordinary Shares on AIM prior to the Cancellation. The Board is aware that the proposed Cancellation, should it be approved by Shareholders at the General Meeting, would make it more difficult to buy and sell Ordinary Shares in the Company following the Cancellation. Therefore, the Company intends to put into place a matched bargain trading facility to assist Shareholders to trade in the Ordinary Shares following Cancellation. Expected last day of dealings in Ordinary Shares on AIM: 8 January 2025. Expected time and date of Cancellation: 7.00 a.m. on 9 January 2025. Expected date of Re-registration: By 9 January 2025. New Risk • Dec 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (UK£1.45m market cap, or US$1.85m). Duyuru • Oct 16
Sdx Energy plc Announces Appointment of Alexander Craig as Non-Executive Director SDX announced the appointment of Alexander Craig as Non-Executive Director with immediate effect. Alex was a Director and Co-founder of Aleph Commodities Ltd. ("Aleph"). His expertise lies in commodities, infrastructure and asset management. Prior to Aleph, Alex was a founding partner at Omikron Partners and Liberty Street Partners, redeveloping distressed real estate and infrastructure projects. Previously, he was Portfolio Manager at Tiverton Trading - a global macro and commodities hedge fund. Alex holds a BA and MA from University College London. Following the appointment of Alex to the Board, the Board will comprise three independent Non-Executive Directors (including the Chairman), two Executive Directors and one further Non-Executive Director, Alexander Craig, who is a representative of Aleph and therefore not independent. Reported Earnings • Oct 01
First half 2024 earnings released: US$0.045 loss per share (vs US$0.012 loss in 1H 2023) First half 2024 results: US$0.045 loss per share (further deteriorated from US$0.012 loss in 1H 2023). Revenue: US$5.31m (down 65% from 1H 2023). Net loss: US$9.27m (loss widened 272% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Duyuru • Jul 04
SDX Energy plc, Annual General Meeting, Jul 29, 2024 SDX Energy plc, Annual General Meeting, Jul 29, 2024. Location: sdx offices, 38 welbeck street, w1g 8dp, london United Kingdom Reported Earnings • Jul 02
Full year 2023 earnings released: US$0.036 loss per share (vs US$0.17 loss in FY 2022) Full year 2023 results: US$0.036 loss per share (improved from US$0.17 loss in FY 2022). Revenue: US$8.81m (down 80% from FY 2022). Net loss: US$7.48m (loss narrowed 79% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year whereas the company’s share price has fallen by 39% per year. Duyuru • May 03
SDX Energy plc Completes Drilling Operations on the BMK-2 Well, Located in the Rharb Basin, Morocco SDX Energy plc announced that is has completed drilling operations on the BMK-2 well, located in the Rharb Basin, Morocco. At 1,265 metres in the Guebbas formation, the well encountered a 9-metre interval, believed to be equivalent to the well's primary target, with strong gas shows up to approximately 100 times background gas readings. The well was drilled to its total depth of 1,412 metres, and has been left temporarily suspended with a plug set to allow the well to be sidetracked, to the target formation at 1,265 metres, once the required equipment has been mobilised. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (UK£7.26m market cap, or US$9.04m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Duyuru • Apr 03
SDX Energy plc Provides Update on Spud of BMK-2 Well SDX Energy plc announced that it has commenced drilling the Beni Malek-2 well in the Rharb Basin, Morocco, approximately 1.5km from the BMK-1 discovery well. The BMK-2 well will be drilled to a planned depth of approximately 1,470 metres and is targeting three stacked reservoirs in the Guebbas formation, which have been identified using 3D seismic. This well follows the success of the KSR-21 well drilled in September 2023 and is part of an ongoing drilling campaign in Morocco. If BMK-2 is a success, the well will be completed and tied-in for production as quickly as possible, to supplement existing production and, in particular, provide to CITIC Dicastal, which is the Company's largest offtaker and has an immediate and increasing demand for SDX's gas. In Morocco, the Company is the sole independent gas producer and has ambitions to be a major gas producer and works closely with its partner, Office National des Hydrocarbures et des Mines on all aspects of development and production. The gas from SDX's wells is sold to multiple offtakers in the Kenitra industrial area. New Risk • Mar 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.67m (US$9.66m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (UK£7.67m market cap, or US$9.66m). Board Change • Nov 29
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Senior Non-Executive Independent Director Tim Linacre is the most experienced director on the board, commencing their role in 2018. Independent Non-Executive Director Krzysztof Zielicki was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Duyuru • Oct 31
SDX Energy plc Announces Completion of Testing Operations on the KSR-21 Well in Morocco SDX Energy Plc announced the completion of testing operations on the KSR-21 well in Morocco. The well, targeting a prospect within the Hoot formation, was drilled to a total vertical depth of 1,955 meters. The well test resulted in a flow rate of approximately 4 MMcf/d (on 1/4 inch choke) during the test period. SDX is the sole independent gas producer in Morocco and works closely with its partner, Office National des Hydrocarbures et des Mines ("ONHYM"), on all aspects of development and production. The gas from SDX's wells is sold to multiple offtakers in the Kenitra industrial area. Duyuru • Oct 13
SDX Energy plc Announces That It has Commenced Drilling the Ksiri-21 Well in Sebou Central of the Gharb Basin, Morocco SDX Energy plc announced that it has commenced drilling the Ksiri-21 well in Sebou Central of the Gharb Basin, Morocco. The vertical development well will be drilled to a planned total depth of approximately 1,950 metres. Using existing 3D seismic, the well is targeting a well-defined prospect within the main Hoot formation, which is the main producing sand in the area. SDX has drilled over 20 production wells in the same basin. As such, this new well presents a low-risk step-out location. The well can be immediately brought into production, supplying gas to existing customers, under the improved gas price announced on 5 June 2023. Reported Earnings • Oct 01
First half 2023 earnings released: US$0.012 loss per share (vs US$0.004 loss in 1H 2022) First half 2023 results: US$0.012 loss per share (further deteriorated from US$0.004 loss in 1H 2022). Revenue: US$15.3m (down 32% from 1H 2022). Net loss: US$2.49m (loss widened 227% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 36% per year. Duyuru • Sep 28
SDX Energy plc Announces KSR-21 Well Update SDX Energy plc announced that the KSR-21 well has reached its total vertical depth of 1,955 metres (1,966 metres measured depth) targeting a prospect within the Hoot formation, which is one of the main producing formations in the area. Drilling and wireline logging data confirm the presence of gas charged sands within the targeted reservoir section. The drilling rig will now be moved off location and the reservoir interval perforated to undergo a short testing period before being brought onto production to supply existing gas offtakers. Duyuru • Sep 05
Sdx Energy plc Announces Commencement of Drilling the Ksiri -21 SDX Energy plc announced that it has commenced drilling the Ksiri -21 well in Sebou Central of the Gharb Basin, Morocco. The vertical development well will be drilled to a planned total depth of approximately 1,950 met s. Using existing 3D seismic, the well is targe ting a well-defined prospect within the main Hoot formation, which is the main producing sand in the area. SDX has drilled over 20 production wells in the same basin. As such, this new well presents a low-risk step-out location. The well can be immediately brought into production, supplying gas to existing customers, under the improved gas price announced on 5 June 2023. The Company will make further announcements as appropriate. Duyuru • Aug 31
An unknown buyer entered into non-binding Heads of Terms to acquire Egyptian Assets from SDX Energy plc (AIM:SDX). An unknown buyer entered into non-binding Heads of Terms to acquire Egyptian Assets from SDX Energy plc (AIM:SDX) on August 30, 2023. The transaction is subject to Egyptian government approvals. The transaction is expected to complete by end of Q4 2023. Toby Gibbs and Iain Sexton of Shore Capital and Corporate Limited acted as financial advisor to SDX Energy. Duyuru • Jul 28
SDX Energy plc announced that it expects to receive $2.538363 million in funding SDX Energy plc entered into a syndicated convertible loan agreement for the private placement of unsecured convertible loan for gross proceeds of £2,538,363.750 on July 27, 2023. The transaction will include participation from new lender, Aleph Finance Group Plc and other lenders. The loan is convertible at any time at the option of the individual lenders and repayable 364 days after the initial drawdown of the loan is made. The conversion price is approximately £0.0450 per common share. If conversion occurs within ten business days of maturity, the conversion price is approximately £0.0660 per common share. Interest of SOFR+15% on the loan will be payable on a quarterly basis with an option for payment in kind, upon mutual agreement by the borrower and lenders.
On the same date, the company received £1,562,070 in its first tranche closing. New Risk • Jun 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$5.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.2m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£11.9m market cap, or US$15.1m). New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£11.4m market cap, or US$14.5m). Duyuru • May 26
SDX Energy plc, Annual General Meeting, Jun 20, 2023 SDX Energy plc, Annual General Meeting, Jun 20, 2023, at 10:00 Coordinated Universal Time. Location: 38 Welbeck Street, London,W1G 8Dp London, Uk United Kingdom Duyuru • May 24
SDX Energy plc Appoints Daniel Gould as Managing Director SDX Energy plc announced that it has appointed Daniel Gould as Managing Director. Daniel Gould has over 20 years of experience in investment banking and developing businesses across multiple sectors in emerging and developed markets. Daniel was previously at Morgan Stanley and then Goldman Sachs as an Executive Director, in the Investment Banking division, across New York and London.? For the last 10 years, Daniel has successfully grown businesses and executed M&A transactions in the agriculture, energy, financial, and fintech sectors.?Daniel has a First Class Masters degree from Oxford University and another degree from Johns Hopkins University, School of Advanced International Studies. Lesley Maclean has an MBA from the Wharton School, University of Pennsylvania and over 25 years' experience in energy sector, most recently as Vice President M&A and Acting EVP of Strategy and New Business Development at TNK-BP. Duyuru • May 09
SDX Energy plc Appoints William McAvock as Chief Financial Officer SDX Energy plc announced the appointment of William McAvock as Chief Financial Officer with immediate effect. As previously announced, Daan Hanssen, the interim CFO, will be leaving the Company at the end of May. Mr. McAvock, an FCCA, has over 15 years' experience as CFO or Financial Controller of multiple listed natural resources companies. Reported Earnings • Apr 30
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: US$0.17 loss per share (further deteriorated from US$0.12 loss in FY 2021). Revenue: US$43.8m (down 19% from FY 2021). Net loss: US$35.1m (loss widened 47% from FY 2021). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 25% p.a. on average during the next 2 years compared to a 3.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Duyuru • Jan 06
Aleph Commodities Ltd acquired additional unknown stake in SDX Energy plc (AIM:SDX). Aleph Commodities Ltd acquired additional unknown stake in SDX Energy plc (AIM:SDX) on January 3, 2023. Following this acquisition, Aleph ownership in SDX Energy increased to 5.72%. Toby Gibbs and Iain Sexton of Shore Capital acted as nominated adviser of SDX Energy.
Aleph Commodities Ltd completed the acquisition of additional unknown stake in SDX Energy plc (AIM:SDX) on January 3, 2023. Reported Earnings • Nov 18
Third quarter 2022 earnings released: US$0.006 loss per share (vs US$0.01 loss in 3Q 2021) Third quarter 2022 results: US$0.006 loss per share (improved from US$0.01 loss in 3Q 2021). Revenue: US$11.1m (down 14% from 3Q 2021). Net loss: US$1.26m (loss narrowed 39% from 3Q 2021). Revenue is expected to fall by 27% p.a. on average during the next 3 years compared to a 6.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Tim Linacre was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Tim Linacre was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jul 08
Insider recently sold UK£58k worth of stock On the 6th of July, Meirig Vaughan sold around 550k shares on-market at roughly UK£0.11 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£44k more than they bought in the last 12 months. Reported Earnings • May 31
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$0.001 loss per share (down from US$0.003 profit in 1Q 2021). Revenue: US$11.2m (down 16% from 1Q 2021). Net loss: US$149.0k (down 124% from profit in 1Q 2021). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) missed analyst estimates by 79%. Over the next year, revenue is expected to shrink by 27% compared to a 24% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Buying Opportunity • May 05
Now 22% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be UK£0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to decline by 31% per annum. Earnings is forecast to grow by 56% per annum over the same time period. Buying Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be US$0.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Mar 19
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.12 loss per share (down from US$0.019 loss in FY 2020). Revenue: US$53.9m (up 17% from FY 2020). Net loss: US$24.0m (loss widened US$20.1m from FY 2020). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Over the next year, revenue is expected to shrink by 35% compared to a 32% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 40% per year and the company’s share price has also fallen by 40% per year. Reported Earnings • Nov 19
Third quarter 2021 earnings released: US$0.01 loss per share (vs US$0.003 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$12.9m (up 6.7% from 3Q 2020). Net loss: US$2.06m (down 432% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released: US$0.052 loss per share (vs US$0.004 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$13.7m (up 50% from 2Q 2020). Net loss: US$10.7m (loss widened US$10.3m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 15
Consensus EPS estimates increase to US$0.0091 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$47.7m to US$48.7m. EPS estimate increased from US$0.0054 to US$0.0091 per share. Net income forecast to shrink 757% next year vs 101% growth forecast for Oil and Gas industry in the United Kingdom . Consensus price target of UK£0.40 unchanged from last update. Share price was steady at UK£0.15 over the past week. Executive Departure • Jul 02
Independent Non-Executive Director Amro Saad Al Menhali has left the company On the 25th of June, Amro Saad Al Menhali's tenure as Independent Non-Executive Director ended after 1.6 years in the role. We don't have any record of a personal shareholding under Amro Saad's name. Amro Saad is the only executive to leave the company over the last 12 months.