SDX Energy PLC - London-based energy company with exploration, development and production assets in Egypt and Morocco - Pretax loss narrows sharply to $5.9 million in 2023 from $35.6 million in 2022. Revenue, net of royalties, falls 50% to $8.8 million from $13.7 million. Notably, exploration and evaluation expense narrows to $5.7 million from $22.6 million. Depletion, depreciation and amortisation costs reduce to $5.0 million from $10.1 million. Impairment expense narrows to none from $4.8 million.
The company views 2023 as a ‘period of transformation,’ citing new cornerstone investors and gas pre-payment agreements. ‘Our strategic focus and the evolution of SDX away from a pure oil and gas business into an integrated, hybrid energy provider in Morocco gained momentum throughout the year. We laid the groundwork to deliver on this strategy well into 2024 and beyond,’ the company says.
Looking ahead, SDX Energy says: ‘We are currently in discussion with ONHYM in relation to agreeing future permit requirements, which include undertaking new 3D seismic work either in late 2024 or early 2025. SDX is also reviewing proposals on how best to extend its infrastructure to reach other potential new prospects (beyond what has already been mentioned above) within our permit acreages.’
Current stock price: 3.30 pence per share, down 4.3% on Monday afternoon in London
12-month change: down 44%
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