Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul><li>Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim CFO.</li><li>The Board currently comprises Jay Bhattacherjee as Interim Executive Chairman, Tim Linacre as Senior Independent Director and Chairman of the Audit Committee, and Krzysztof Zielicki as Non-Executive Director and Chairman of the Remuneration Committee.</li><li>Estimates Pending further details on the new strategy, we are withdrawing our estimates, valuation and target price.</li></ul>

Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim CFO.The Board currently comprises Jay Bhattacherjee as Interim Executive Chairman, Tim Linacre as Senior Independent Director and Chairman of the Audit Committee, and Krzysztof Zielicki as Non-Executive Director and Chairman of the Remuneration Committee.Estimates Pending further details on the new strategy, we are withdrawing our estimates, valuation and target price.

SDX Energy : New Leadership Brought in to Deliver on Transformative Transactions

<ul><li>3Q22 production was in line with expectations and within management’s guidance.</li><li>In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing wells.</li><li>At West Gharib, the MSD-28 and MSD-22 wells that were drilled in October will add to 4Q22 production.</li></ul>

3Q22 production was in line with expectations and within management’s guidance.In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing wells.At West Gharib, the MSD-28 and MSD-22 wells that were drilled in October will add to 4Q22 production.

SDX Energy (AIM: SDX): Putting the Building Blocks in Place

<ul><li>The SAK-1 and KSR-20 exploration/appraisal wells have been successful.</li><li>The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession are ahead of the pre-drill expectations of 0.44 bcf.</li><li>The SAK-1 well is particularly important because it is located ~6 km to the north west of SDX’s core production area and opens a new production area.</li></ul>

The SAK-1 and KSR-20 exploration/appraisal wells have been successful.The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession are ahead of the pre-drill expectations of 0.44 bcf.The SAK-1 well is particularly important because it is located ~6 km to the north west of SDX’s core production area and opens a new production area.

SDX Energy (AIM: SDX): Successful Drilling in Morocco Unlocks Further Exploration Upside

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing to perform ahead of expectation since coming onstream in late 2019. Production in Egypt was unaffected by COVID-19, while a few customer shut-ins in Morocco had returned to c 90% capacity by September 2020. The drilling programmes in both Egypt and Morocco were also successfully concluded, with highlights including the Sobhi discovery in South Disouq and a potential 233bcf in a further six prospects, together with confirmation of the extension of prospectivity to the north of the company’s core area in Morocco. Our mid-case RENAV valuation has increased to 45.0p/share (+11%) as we adjust our short-term oil price assumptions and revise our production and capex estimates.
</p>

SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing to perform ahead of expectation since coming onstream in late 2019. Production in Egypt was unaffected by COVID-19, while a few customer shut-ins in Morocco had returned to c 90% capacity by September 2020. The drilling programmes in both Egypt and Morocco were also successfully concluded, with highlights including the Sobhi discovery in South Disouq and a potential 233bcf in a further six prospects, together with confirmation of the extension of prospectivity to the north of the company’s core area in Morocco. Our mid-case RENAV valuation has increased to 45.0p/share (+11%) as we adjust our short-term oil price assumptions and revise our production and capex estimates.


SDX Energy - Record production and material prospectivity

<p>SDX Energy recently reported its FY19 results reflecting a 14% increase in production driven by the start of production at South Disouq in Egypt, and its accelerated ramp-up ahead of expectations. The drilling campaign in Morocco resulted in seven discoveries and a tenth well is to be tested. The company ended the year with a cash balance of $11.1m and is fully funded for all 2020 activities from existing cash flows. In this note we update our valuation to reflect, among other things, FY19 results and the uncertainty caused by COVID-19. Our mid-case RENAV valuation has decreased to 40.7p/share from 53.9p/share (-24%) as we adjust our short- and long-term oil price assumptions, revise our forecasts to reflect the 2P reserve base update and remove Salah and Young prospects from our valuation.</p>

SDX Energy recently reported its FY19 results reflecting a 14% increase in production driven by the start of production at South Disouq in Egypt, and its accelerated ramp-up ahead of expectations. The drilling campaign in Morocco resulted in seven discoveries and a tenth well is to be tested. The company ended the year with a cash balance of $11.1m and is fully funded for all 2020 activities from existing cash flows. In this note we update our valuation to reflect, among other things, FY19 results and the uncertainty caused by COVID-19. Our mid-case RENAV valuation has decreased to 40.7p/share from 53.9p/share (-24%) as we adjust our short- and long-term oil price assumptions, revise our forecasts to reflect the 2P reserve base update and remove Salah and Young prospects from our valuation.

SDX Energy - Sobhi sole risk delivered a commercial discovery

United Kingdom

SDX Energy PLC operates as an oil and gas company. The Company engages in exploration, development, and operation of oil and gas properties. SDX Energy serves customers in Egypt.

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SDX Energy (SDX LN)

SDX Energy : New Leadership Brought in to Deliver on Transformative Transactions

Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim...

Auctus Advisors

SDX Energy (AIM: SDX): Putting the Building Blocks in Place

In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing...

Auctus Advisors

SDX Energy (AIM: SDX): Successful Drilling in Morocco Unlocks Further Exploration Upside

The SAK-1 and KSR-20 exploration/appraisal wells have been successful.The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession...

Auctus Advisors

SDX Energy - Record production and material prospectivity

SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing...

Edison Investment Research

SDX Energy - Sobhi sole risk delivered a commercial discovery

SDX Energy recently reported its FY19 results reflecting a 14% increase in production driven by the start of production at South Disouq in Egypt,...

Edison Investment Research

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