SDX Is Stuck At Below 1,000BOEPD - Africa’s premier report on the oil, gas and energy landscape.

SDX Is Stuck At Below 1,000BOEPD

Mohammed Jetutu, in Cairo

Toronto listed independent SDX Energy reports a net hydrocarbon production of 832 BOEPD for the quarter July to September 2015. “Total gross production for the quarter averaged 8,324 BOEPD (832 BOEPD net), the company reports; of which oil was 6,924 BOEPD (692 BOEPD net) and gas and liquids 1,400 BOEPD (140 BOEPD net).

The company has been in the league of lower than 1,000BOEPD of production for the past five years (it was formerly named Sea Dragon); it just simply can’t gain access into higher producing property.

SDX realized net Revenues of $1.8MM ($45.91/boe) and a Netback of $1.1MM ($18.36/boe) in the quarter. It has a working capital of $3.9MM, “all of which is current;  it repaid US$0.3MM of debt in the quarter,  collected US$2.1MM in outstanding receivables, equivalent to four months; and “exited the quarter with cash and cash equivalents of $0.5MM.“

The company, formed by Egyptian founders, has all its assets in the North African country. The NW Gemsa acreage is the cash cow, if it could be called that. The average daily oil sales volumes from that asset were 674 BOEPD for the quarter. SDX’s report does not account for the remaining 158BOEPD.

SDX Energy is involved in two other acreages, which are both exploration assets. In South Disouq, the terms of a 300 km2 three dimensional (3D) seismic acquisition contract were agreed and a acquisition operations are anticipated to begin in the First Quarter of 2016 and take four months. In South Ramadan, the first phase (time) data of the reprocessing effort was completed, post quarter, at the end of October; the second phase (depth) data is expected to be delivered during the 1st qtr of 2016.

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