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Tuesday, February 1, 2022
SDX Energy Plc has announced the proposed disposal of 33% of the shares in the entity that holds its interests across its South Disouq concession and its intention to initiate a share buyback program of up to $3.0 million in H2 2022.
Mark Reid, CEO of SDX, commented: “I am very pleased to announce that we have entered into an agreement to dispose of 33% of our interests in the South Disouq concession for a consideration of $5.5 million, which is a significant premium to the asset’s value within our market capitalization.
“We intend to use the proceeds to initiate a share buyback program of up to $3.0 million in H2 2022 with the remainder to be used for investment into innovative, portfolio growth opportunities which I look forward to updating the market on in due course.
“In summary, this transaction allows us to achieve a number of our strategic objectives.
“We will retain 67% of our pre-transaction interests in the South Disouq concession, remaining as operator, continuing to benefit from the cash-generation of the fields, while reducing our risk exposure on the two South Disouq exploration wells to be drilled this year.”
For more information and full transaction details, visit SDX Energy here
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