SDX Energy PLC GAS PREPAYMENT AGREEMENT (2337M)
13 Setembro 2023 - 3:00AM
UK Regulatory
TIDMSDX
RNS Number : 2337M
SDX Energy PLC
13 September 2023
13 September 2023
SDX ENERGY PLC ("SDX" or the "Company")
GAS PREPAYMENT AGREEMENT
Highlights
-- Gas Prepayment Heads of Terms ("HoT") agreed with Citic
Dicastal subsidiary, DIKA MOROCCO AFRICA ("DMA"), for Q4 gas
supplies
-- Prepayment amount of c. $2million planned to be drawn down by 30 September 2023
-- Additional HoT for a larger prepayment transaction to be
agreed and planned to be drawn down by early 2024
The Company is pleased to announce that it has entered into a
non-binding HoT with DMA, its largest offtaker, to prepay for SDX's
gas deliveries in Morocco. The initial terms of the agreement
envisage draw down of c. $2 million by the end of September 2023.
These funds are planned to be used towards the drilling costs of
the KSR-21 well.
A further heads of terms for a larger prepayment amount is
currently under negotiation and is expected to be agreed and funds
drawn by early 2024. The Company plans to direct this second
prepayment towards funding a further multi-well back-to-back
drilling programme. As mentioned in the Company's announcement of 4
September 2023, this type of back-to-back drilling, which allows
development of gas behind pipe (booked reserves), further increases
operational efficiency, reduces costs and ensures that immediate
and future demand can be met.
The Company also announces that it has drawn down a further
$500k from the Convertible Loan, as announced on 27 July 2023.
Daniel Gould, the Managing Director, commented:
"These Heads of Terms testify to the deepening of the
long-standing partnership between SDX and DMA, as well as Citic
Dicastal more broadly. SDX has been supplying gas to DMA in Morocco
for over five years and is committed to continuing to be a
sustainable partner for its energy needs. This partnership is
mutually beneficial for SDX, DMA, and supports the growth of
industry in Morocco."
About DMA
-- DMA is a 100% subsidiary of Citic Dicastal - world leader in
automobile part manufacturing and the 50(th) largest auto supplier
in the world.
-- Citic Dicastal is a subsidiary of Citic Group - a Chinese
holding company with a corporate portfolio approaching $1
trillion.
For further information:
SDX Energy Plc
Daniel Gould, Managing Director
William McAvock, Chief Financial
Officer
Tel: +44 (0) 20 3219 5640
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton
Tel: +44 (0) 20 7408 4090
InHouseIR (Investor and Media Relations)
Sarah Dees/Oliver Clark
Email: sdx@inhouseir.com
Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 20 3757 4980
About SDX
For further information, please see the Company's website at
www.sdxenergygroup.com or the Company's filed documents at
www.sedar.com .
Forward-looking information
Certain statements contained in this press release may
constitute "forward-looking information" as such term is used in
applicable Canadian securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
future drilling developments at KSR-21 should be regarded as
forward-looking information.
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END
AGREAENAFDEDEAA
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September 13, 2023 02:00 ET (06:00 GMT)
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