Share Name Share Symbol Market Type Share ISIN Share Description
Sdx Energy LSE:SDX London Ordinary Share CA78410A1075 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +3.00p +5.45% 58.00p 611,996 14:00:23
Bid Price Offer Price High Price Low Price Open Price
57.00p 59.00p 58.50p 56.50p 56.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 29.00 24.30 11.33 4.8 118.6

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Date Time Title Posts
18/8/201811:20SDX Energy6,719
23/7/201808:13SDX Energy (SDX) One to Watch on Monday -
18/7/201812:39SDX Energy (SDX) @ Watch Zone -
16/7/201807:55SDX Energy (SDX) One to Watch on Monday -
05/7/201810:35SDX Energy (SDX) on Watch Territory -

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Sdx Energy Daily Update: Sdx Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SDX. The last closing price for Sdx Energy was 55p.
Sdx Energy has a 4 week average price of 50.75p and a 12 week average price of 50.75p.
The 1 year high share price is 74p while the 1 year low share price is currently 42.50p.
There are currently 204,459,708 shares in issue and the average daily traded volume is 218,566 shares. The market capitalisation of Sdx Energy is £118,586,630.64.
jinxo777: After a long and painful discussion with myself i decided to sold all of my SDX shares last week - I still believe the shares are massively undervalued but I have lost patience with the performance of the shares - I believe South Ramadam will be a duster and this will tale another 10-15% off the share prices (even though it will have very little impact on the valuation of the company) - there seems to be very little interest in this share (can't figure out why but I am fed up with having a significant amount of cash locked in an under performing stock) - this is not a deramping post - I wish all long term holders the best of luck for the future - I might buy back in when SDX starts to attract more interest and the share price starts behaving in a logical manner - I know I might end up buying at a higher price but I am happy to take the risk - I banked some decent profits on my holding so I am not too disappointed overall!! GLA
11_percent: Newman on Share Prophets "It can be difficult just buying and holding a share at times, especially when nothing is really happening with the share price and many of its peers are seeing large rises. You could of course argue that you should have picked one of those instead and that you’ve made the wrong choice, but if your original decision was backed by the fundamentals, and nothing has changed on that front, then often the best thing to do is just to wait, or even to add more. That very much seems to be the situation with SDX Energy (SDX), a company where I hold shares myself and have been adding more recently. The share price has been bouncing around the high 40p to mid 50p range for months, and has been unable to breakout even when there has been positive news. But for me it now looks even cheaper than when I originally bought in last autumn, as the fundamentals have actually improved a fair bit. It has had a number of successful drills recently, with wells being put straight into production and adding significant amounts to daily production. Alongside that we also have higher oil prices coming into play, which should make its operations even more profitable, plus gas prices in Morocco for the domestic market which SDX serves are strong and there is surplus demand. Whilst the gas in Morocco has plenty of potential, a lot of existing production – as well as upside potential – comes from its operations in Egypt, with North West Gemsa, where it hold a 50% interest, averaging over 4,500boepd. This field also makes up a decent chunk of the 2P reserves – they stood at around 3 million boe net at the end of 2016, from a total 0f 9.3 million attributable to SDX, and we should soon get an update for the figures as at the end of 2017. Gemsa is expected to continue to produce at a similar rate during the coming year, and with operating costs of just $8/barrel and its oil selling at just a 10% discount to Brent, it should generate good levels of net cash flow. Its other producing field in Egypt, Meseda (50%), had been producing around 3,300boepd gross in the first half of 2017 before facility upgrades were carried out, but with the additional work planned on that field, we could see that figure double. This field also still has plenty in the way of 2P reserves to extract – 10.9 million barrels, as at the end of 2016. There is also plenty going on at its 55% owned South Disouq gas field, and it is hoped that production will get underway in the first half of this year – although that is dependent on negotiations with the government over gas prices. The development would initially target at least 50 million scf/d (gross) and would be directly connected to the nearby national gas pipeline. Currently the company only realises just over $1/mcf though for its gas, which is a fraction of what it gets in Morocco. There is also large potential upside from further exploration at this field, as current gross contingent resources stand at 227Bcf, with an additional 11 million boe. It would also be quite easy to bring these resources online as and when they are proven up, as not only is there a gas pipeline, but also ones for oil and condensate. In Morcco, the drilling campaign at its Sebou field (75% working interest) has been producing some good results – KSR16 tested at 8.43MMscfd; 7.52MMscfd for KSR15; and 6.4MMscfd for KSR14 and the wells are being put straight into production and the company is on track to meet its targets from this licence for this year. That being daily gas sales of 10-11MMscfd, as current infrastructure does limit this – there is no local or national grid in place - but new customers are being added all the time. That would compare very favourably to the current situation which has been averaging 5.5MMscfd at a price of around $9/mcf – and not only would that double, but a MOU is in place with Porcher to increase the price to $12/mcf for a five year period. In terms of this infrastructure in general, things have moved very slowly in recent years, but there now seems to be a renewed urgency from Morocco to become more self-sufficient in terms of generating its own energy in the future – currently a lot of its energy is imported. For instance, a proposed $4.6 billion investment in a natural gas plant is now looking more likely to actually go ahead. Whilst this doesn’t directly affect SDX at this moment in time, it does point to the likelihood that money will be spent on more infrastructure in the future, which would certainly help to solve the problem of actually getting the gas produced to customers, and increasing sales at the same time. SDX is already in the unique position of owning 75% of the only privately owned pipeline in Morocco at the moment, and you could argue that more infrastructure would reduce that commercial advantage. But it is also restricting what the company can sell, and given that a lot of supply currently comes from very expensive bottled gas, I don’t see it as having a negative impact – plus it is still some way off and I would expect SDX to be a much larger company by that stage anyway, based on the progress it is making. There is plenty of exploration upside as well – over 12Bcf of unrisked gas potentially – although the recent drill at Gharb Centre, ELQ-1, produced a disappointing result. That drill location was based around old 3D seismic data, and the company is now in the process of getting new seismics shot to better identify future drill locations. So as you can see, not only is the company already selling oil and gas, but it also has the potential to increase production rapidly at a time when the price, and the market in general, is stronger. At the current share price of around 50p to buy the company is valued at £100 million, and I would argue that the current financial situation supports that. For a start the company had nearly $58 million working capital available at the end of 2017 – with over $30 million of that being cash – and is debt-free, plus it is generating cash flows in the region of $2 million per month. The latest results for the quarter up until the end of September 2017 showed that the company made $10 million revenue and recorded a net profit of $4.4 million, but a lot of that is down to adjustments made as a result of the Circle Oil asset acquisitions. I would be more interested on how the company performs moving forwards, and how the capital expenditure on drilling and improvements to its fields that is has been making translates into increased profits in the future. In terms of the share price and lack of movement, I suspect that there is a background seller and has been for some time, as any sort of rise and volume seems to result in larger blocks being dumped. But I’ve seen this before on many other shares, and when that selling pressure does finally clear, it is often accompanied by a nice rise. There is still risk here, but I believe that the growth potential moving forwards is sufficient to justify a higher market valuation than the current one, so I will remain invested for the longer term unless something fundamentally changes."
griffin81: Brucie5, my targets for SDX are based on forecast cash generation, I mostly ignore the Edison analysis as it is so conservative it does not factor any upside and therefore becomes almost meaningless, instead I calculate my own research (which is my background). I have stated in previous posts I expect net cash generation of above $65milion in 2018 based on 5 successful wells in Morocco and SD-1X coming on stream, that should translate into a share price of between 110p and 120p. With the additional two wells added into the program for Morocco taking it up to 9, and a further two drills added in Egypt taking the program to four, if some of those additional wells are also successful, it will blow the share price potential much wider. I don't have enough details to analyse where the share price could be above that level at this stage, we will have to wait for future new flow, but needless to state if any of those four new wells added are successful, it should translate into a share price well above 120p, and if Kelvin and SD-1X are linked, then all bets are off and I will retire early. Obviously DYOR, but my investment strategy is to buy and hold companies with strong management teams, little downside and significant growth potential; SDX ticks every single box for me and the commencement of the growth potential announcements are due within days.
brasso3: I think the SDX share price has bottomed out around 45p. Looks like we are now starting the climb back into the 50's.
tournesol: Pauliewonder The thing to remember is that you are not investing in the company, you are investing in the shares of the company. A quite different thing. (the shares are effectively a derivative rather than the primary underlying entity) It is entirely possible for companies to go from strength to strength whilst their share price goes into retreat. That is not irrational, it's because the share price is a crowd sourced attempt to predict the future of both the co and the market and the wider economy. The crowd in question is subject to mood swings and miscalculations so share prices tend to overshoot and undershoot fair value. Over the long term the oscillations tend to converge. Over the short term they can go all over the place. It should be the aim of an independent investor to buy on the undershoot and sell on the overshoot. In the case of SDX the announcement yesterday represented an under delivery by comparison with the expectations raised previously by the company's communications which now seem to have been somewhat over-optimistic. With the share price having done well over the past year, a disappointment is only going to shepherd the share price in one direction. And today people will ask themselves "has an over-optimistic mind set led to other past statements by the co being too strong? Will Morocco be as easy a success as we have been led to expect? Will production in Egypt be so easy to ramp up?". And these doubts will reinforce the downwards oscillation. I still like the underlying co and the management. I just think the investment case has been over stated and the share price has got ahead of itself. When things get back into synch I expect to be back. Good luck if you decide to practice LTBH and ignore short term fluctuations.
tournesol: Look back at the various analyst reports that followed the SD-1X discovery. Example: Capital Network on 25/4/17 ..Following the SD-1X gas discovery... estimate the risked value of 200-300BCF of gas and 50MMbbl of oil resources to be $165m. We base this risked valuation on the pre-drill third-party assessment, raising the CoS to 67% for a 250BCF of discovered gas resources, and apply a $5/bbl value to 50MMbbl of prospective oil resources with a CoS of 25%. Using the same rationale and applying a CoS of 50%, we estimate the value of a 250BCF remaining gas potential in the South Disouq licence at $80m, which results in an updated ReNAV of $380m, up from pre-drill 3rd party assessment of $180.3m. From the timing of share price movements in relation to news flow since the beginning of this year, we estimate that the impact of the SD-1X well to date is about 21p, or $50m out of our estimated $165m, i.e. 30% priced in….. Point 1 - As evident from the above, the analysts, like me, were expecting 200-300BCF and 50mmbo. Today's RNS has come in with only 180 BCF - and that as 3C which is a long, long, long way from 2P. The 2C figure is only 47BCF. So we are a very long and arduous distance away from 250BCF. And what usually happens is that as reserves mature from 3C to 2C to 2P we see a progressive reduction. ie 2P<2C<3C Point 2 - today's resources numbers are NOT net to SDX. They are gross and relate to the asset which is shared with partners/govt. SDX's share is only a portion. Point 3 - according to the analysis cited above, 21p was already in the price for SD. How much more is left to be factored in? What risk factor should we apply to that? I see the figures released today as being disappointing in comparison with the expectations raised by the comments made by the company after the discovery and at the AGM. My own expectations were in line with Capital Network's. I expect the share price probably will do well in the long term but I think that the short term contribution from SD will be smaller than expected by most. Time will be required for Morocco and for development of the existing producing assets in Egypt. With less support from SD I expect the share price to experience a period of weakness. My holding in SDX was a significant exposure - 10% of my portfolio. Most of the rest is already in cash whilst I reconsider my overall investment strategy. So SDX represented the vast majority of my exposure to equities. I have actually exited completely. I see that as a short term precaution and hope to re-enter at a later date. I wont' mind if that is at a higher price if that goes with an improved risk attached. I won't mind if it is a lower price with the same risk. And I won't much mind if I am proved wrong altogether. It won't be the first time. Good luck to those still holding. My hope is to rejoin you when the circumstances are propitious.
orinocor: yes circle were in trouble but there are a lot of o&g companies looking to buy cheap assets. Therefore there should have been a lot of interest in these assets and so circle should have got a good price. Come on guys, none of this makes any sense. Either circle have got a rotten deal or SDX have got a great one. The rise in the SDX share price says it's SDX who got the great deal and the Circle guys don't know what they are doing. I've been round long enough to know when something smells off and something's not right here.
micktrick: I've been reading that the average p/e ratio for oil & gas companies is 25.4. Given the current p/e of about 2, is it too simplistic to suggest that the SDX share price should be about 12 times higher?
potential: Cantor repeated a 'buy' recommendation and the target rises to 78p from 71p, which at the new level represents some 125% upside to the current SDX share price of 34.25p.The transformational deal will see SDX increase net production by almost 250% to 4,705 barrels oil equivalent per day. Reserves, meanwhile, rise by 64% to 12.03mln barrels oil equivalent (boe).
potential: Cantor's target rises to 78p which represents some 125% upside to the current SDX share price of 34.25p!!!
Sdx Energy share price data is direct from the London Stock Exchange
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