Sdx Energy Share Discussion Threads

[tnt99] 26/5/2022 12:28

I'm starting to get used to the idea of being part of a larger entity but I do think we should of got some form of sweetener in terms of cash paid Let's see if the bid goes throughSeems to cheap to me But at least we can get market values on the oil and gas contracts?

[kaos3] 26/5/2022 10:20

winnet - imh experience - I once had a chance to get in into the "situation".

accounting was ok and audited but - commercial terms were not. some documents presented to the auditors were forged. some people the Co dealt with were connected to the insiders. even 2 years after the management change people appeared on the doors - holding non recorded contracts, signed by previous management etc ,,,,,

auditing is not about business sense, it is not about questioning the genuinity of the documents presented etc as far as I know

[slicethepie] 26/5/2022 10:08

Interesting to see river and mercantile add to their holding yesterday

[winnet] 26/5/2022 09:17

the accounts have been fully audited and the CPR signed off by an independent geologist. I have no concerns Box and Reid are up to no good, just they are a pair of incompetent buffoons.

[kaos3] 26/5/2022 09:02

sometimes mergers are performed into friendly hands. reason - the Co needs some kind of restructuring. meaning new people coming in. and new people could possibly find many strange things in the books.

a well known trick to avoid this is to be first to bring in "friendly" new team instead of independent people on the mission of changing and recovering.

[winnet] 26/5/2022 08:58

Absolutely agree.

[alxo82] 26/5/2022 08:54

I don't understand the terms of this deal, SDX worths more than Tenaz using the same metrics of bbld and reserves and Tenaz's management is not impressive at all, the share price was rather suboptimal during their tenure at Vermillion and Baytex. Will this go through without an increase of the offer? SDX's shareholders would be crazy if they approved this. Offer must be substantially improved IMO, otherwise it is a theft

[winnet] 26/5/2022 08:31

it did, then dropped ever so slightly to 2.38.

I don't think there is much to be read into this...

[dekle] 25/5/2022 18:07

It hasn't reached the 2.41 highlighted in the justification for the deal

[winnet] 25/5/2022 17:56

Its up over 8%?

[dekle] 25/5/2022 17:45

The Tenaz shareholders don't seem to be too excited

[winnet] 25/5/2022 16:40

this is a really good reason to vote Box and Reid out at the AGM - they wouldn't get their fees if we gave them the boot...

[kaos3] 25/5/2022 15:48

I never get the big shareholders. Forget about PIs. How come they take it so easily? They have power and knowledge to fight.....

[haywards26] 25/5/2022 15:39

If the transaction does actually go through, I am minded to hold onto the shares in Tenaz, hoping their management are much better at bringing about shareholder value...But being an overseas listed entity is far from ideal...

SDX has been a disaster, when it really should not have been, given asset base and current oil/gas price environment. Total management ineptitude from both the current wasters and the previous clown...

[ashkv] 25/5/2022 15:13

Possibly given that Box and Reid have been shown the door - and the RNS mentions Tenaz experience in improving operations I am positing that it is Waha and the other big holders of SDX who have screwed the PIs...

They will move their holding to Tenaz and pick off the SDX PIs who sell out as they don't wish to transfer to Canadian Exchange or their accounts don't allow it - given the long delay to 2023 that any arbitrage opportunities are too long dated for buyers in Canada etc to alleviate the effective price differential in Tenaz shares though SDX... vile.... really vile M&A transactions... Rothschild have screwed the PIs.

[thegreatgeraldo] 25/5/2022 15:04

They sacked the last CEO for being very much an over-promise, under-deliver clown.... the current lot are off to the beach.... it's all a bit much for them... as they say in today's RNS....

..."A core part of SDX's strategy in recent years has been to grow the scale and value of the company via inorganic opportunities. However, despite participating in several processes in the MENA region, SDX has not been able to acquire any assets since the acquisition of the Moroccan and Egyptian assets of Circle Oil in 2017."

[ashkv] 25/5/2022 14:52

I think that is unfair to a lot of Aim firms... this is bottom of the barrel AIM scum...

[greenrichard] 25/5/2022 14:49

Typical AIM outfit.

[ashkv] 25/5/2022 14:44

It boggles the mind!!! This pathetic ludicrous transaction - only the CEO, CFO etc of SDX and the investment bankers benefit... I wonder how much they collect in fees?

Absolute dirty filthy scum of the earth - the SDX management.... hope Karma catches up with them... robbing PIs of their hard earned money to line pockets... selling to this third rate company where the scheme becomes effective a year later... unbelievable... dirty scum...

[ashkv] 25/5/2022 14:17

Brent: $114.00
Share Price: 8.1
Shares Outstanding: 205,378,069
GBPUSD Exch Rate: 1.25
Market Cap GBP: £16,635,624 £0
Market Cap USD: $20,794,529
Debt: $0
Cash (1 Feb 2022 Operational Update): $10,600,000
Inventory (From 2021 Full Year Results): $6,747,000
Investments (Egyptian Oil Services Firm per 2021 FY Results): $3,593,000
Short Term / Liquid Assets (Net Cash + Investments + Inventory) as % of Market Cap: 100.70%
Short Term / Liquid Assets (Net Cash + Investments + Inventory) as Component of SP: 8.16p
SP if only Cash taken into account (SDX IS DEBT FREE): 4.13p
Enterprise Value(EV) (Only Subtracting Cash): $10,194,529
Enterprise Value(EV) Sub (Cash+Inventory+Investment): -$145,471
Prod Guidance 2022 (3,300 - 3,550 Mid is 3,425): 3,425
EV/Barrel-USD (Cash): $2,977
EV/Barrel-USD (Cash+Inventory+Inv): -$42
(Minimal Decommissioning Costs)

[ashkv] 25/5/2022 14:13

If 6.1p was the retained 2/3 asset value of South Disouq per SDX CEO / Simple math when 1/3rd of the asset was sold on 1 Feb 2022 -- sale was prior to the two recent South Disouq well successes.

How is all of SDX being sold for equivalent of 10p!!! Given net cash on books for zero debt firm SDX is USD10mn or 4.13p of share price.... So the Canadian company has been gifted West Gharib production for free, most extensively held pipeline network in Morocco, USD6.7 million of inventory and USD 3.6 value of investment in an affiliated Egyptian firm... UNBELIEVABLE - it is likely the two duplicitous muppets at the helm of SDX paid themselves $1mn in consultation fees and were caught out or in danger of losing jobs etc... An asset by asset sale of SDX would have been far more beneficial to share holders...

" Thirdly, it provides a clear value read across of 6.1 pence per share for the full value of South Disouq"

1 February 2022

SDX ENERGY PLC ("SDX" or the "Company")

PROPOSED DISPOSAL OF 33% OF SOUTH DISOUQ FOR US$5.5 MILLION AND INITIATION OF BUYBACK PROGRAM OF UP TO US$3.0 MILLION IN H2 2022

[djj2014] 25/5/2022 13:27

I also seem to recall that with Amerisur the share price appeared range bound once the proposal to sell was announced. The share price seemed depressed and when the deal to sell up was announced it gave the impression that it was at a premium price. It felt like PI were meant to feel grateful for getting the price we got, even though it seemed low valuation of the company.

[slicethepie] 25/5/2022 13:24

Exactly nobody wants the toilet paper they are proposing !

[djj2014] 25/5/2022 12:41

I'm getting a sense of dejevu. Reminds me of Amerisur Resources. A good oil producing company with good prospects that actively sought a buyer and then sold itself for an amount that most PIs thought was ridiculously cheap. That was even after a period when alternative bids were supposedly received and evaluated.