SDX Energy sees Q1 revenues rise

SDX Energy posted revenue of $8.1m for Q1 2017, up from $2.1m a year previously, commenting that it had started the year with good momentum.

Its total comprehensive income for the quarter was $26.9m, from a loss of $0.9m. The net realised average oil price/service fees per barrel was $44.38, from $24.46. The result included a $29.5m gain on investment, from nil previously.

President and CEO Paul Welch said the start of 2017 has been a busy period for the company and it had made great strides in further developing its asset base across the portfolio.

"We were pleased to announce a successful drilling result at South Disouq, making a gas discovery in the first target and encountering reservoir horizons and evidence of a working petroleum system at the second target.

"We have also made strong operational progress in Morocco and given the attractive local gas market are on track to drill seven additional wells this year to further grow our high margin production in the region."

Welch continued that SDX was also pleased to report that its other high-margin producing assets in Egypt, North West Gemsa and Meseda, continued to perform in line with expectations.

"We have started the year with good momentum and we look forward to capitalising on the opportunities ahead and updating our stakeholders on developments at the Company's key projects over the coming months."