Small_Holding
21 Feb 2020
SDX - Waha Capital - average share purchase price 29.7p Thanks for the link. It might be quiet on here for a month as I am going away to OZ and the South Pacifc. By the time I return at the end of March we should have had a lot more drilling results, hopefully positive. I am praying I see an improved share price on my return. I will keep up with the boards when I can but the internet connection will probably be patchy or non existent.
suicidal_tendencies
20 Feb 2020
SDX - Waha Capital - average share purchase price 29.7p You can also look at this website to see the purchases they made (or at least most of them, haven’t added up the numbers myself). One thing to note, this website sometimes reports the transactions in CAD$ when the transaction may have been in £ sterling but doesn’t do the conversion. For example shares purchased at say £1 would be reported as having been bought at CAD$1 potentially. [link]
Small_Holding
19 Feb 2020
SDX - Waha Capital - average share purchase price 29.7p Just re visiting my estimation that Waha have paid 29.7p approx a share. I have found the first presentation where Waha’s holding is shown individually, this is from their November 2017 presentation Screenshot_2020-02-19 PowerPoint Presentation - q3-2017-investor-presentation-nov-17 pdf.png1101x781 59.6 KB Waha are obviously pleased with their investment at this point because it has trebled from their inintial 18p investment May 20th 2016 to the 54p at October 13th 2017. As this confirms their entry point I think my estimation of their entry point will be reasonably accurate. In subsequent presentations Waha have given the actual value of their holding in AED August 2018: Waha owns 19.5% stake with carrying value of AED 114.3 million as at 30 June 2018 November 2018: Waha owns 19.5% stake with carrying value of AED 109.9million as at 30 September 2018 February 2019: Waha owns a 19.5% stake in SDX with carrying value of AED 66.3million as at 31 December 2018 May 2019: Waha owns a 19.5% stake in SDX with carrying value of AED 68.8million as at 31 March 2019 August 2019: Waha owns a 19.5% stake in SDX with carrying value of AED 37.7million as at 30 June 2019 At today’s share price of 23p I estimate they are almost 30% down on their total investment. No change from when I started this thread. In June this year they will have been invested in SDX for four years. They are in this for the long haul, obviously, but I suspect they are just as keen as the retail investors to see an improvement in the valuation and their investment.
suicidal_tendencies
17 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? “In particular, Sound said the potential purchaser had not demonstrated it had the cash required to move the deal forwards. Talks are continuing, but are no longer exclusive.†I wonder if SDX was the potential acquirer? Might have made sense for them to try to take control of the Moroccan natural gas industry. With the current market cap of Sound, maybe in the future they’ll go for it.
Small_Holding
17 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? Interesting that Sound Energy have failed to sell their Moroccan assets by the 14th February deadline. They are now considering a micro LNG scheme, the gas would then be trucked to industrial customers in Morocco. Energy Voice – 17 Feb 20 Sound targets micro LNG for early cash flow - News for the Oil and Gas Sector Sound Energy’s talks with a potential purchaser of its eastern Moroccan holdings have ground to a halt, with the company opting instead to pursue a micro LNG plan, ahead of more grandiose pipeline development works. In the shares magazine presentation Mark Reid said in the Q&A section that, assuming the wells in Lalla Mimouna North were successful, depending on the size of any find SDX would either extend the pipeline or put compression in at the well head and truck LNG to customers.
Small_Holding
14 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? On the subject of SDX looking at acquisitions, Malcy’s comments on SDX today "SDX Energy The company has announced that the SD-6X (Salah) well in South Disouq (55%) has spudded targeting P50 unrisked prospective resources of c. 71 bcfe. After that the rig moves 6km west to drill the SD-12X (Sobhi) well targeting c.33 bcfe. Upon success both would only require easy and inexpensive tie-ins to the South Disouq Central Processing Facility and whilst significantly increase SD reserves would probably add marginally to earnings. With exciting wells in Morocco things are looking better for SDX but there are still few signs of the appetite for inorganic growth which would add substantially to the party." Although he says that there are few signs of the appetite for inorganic growth, SDX have been talking about consolidation in the market for a very long time. I don’t believe that they aren’t looking for acquisitions, I think it will be a constant process and they are just biding their time until the right target appears. Having an ex CFO as our CEO should have its advantages, by the very nature of the job of CFO he will be cautious and want to see good accretive value. I still think we will see an acquisition this year, hopefully before any deal is proposed we will have seen a very successful drilling campaign and a more realistic share price. The current market cap of circa £46m is just too cheap for SDX, given the fundamentals and the near term positive prospects.
Small_Holding
14 Feb 2020
SDX - Commencement of drilling at the Salah Well South Disouq What we don’t know as yet is do SDX intend announcing the remaining wells in the current drilling campaign individually or are they waiting until the Moroccan campaign is finished. They waited until they had drilled the first seven appraisal/development wells before making an announcement. Hopefully, as the remaining wells are the more prospective and have a bigger impact, they will announce them individually. If that is the case the BMK-1 well result should be very close.
Small_Holding
14 Feb 2020
SDX - Commencement of drilling at the Salah Well South Disouq 14 February 2020 SDX ENERGY PLC (“SDX†or the “Companyâ€) Commencement of drilling operations at South Disouq in Egypt SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, is pleased to announce that the SD-6X (Salah) well at South Disouq in Egypt (SDX 55% working interest) has commenced drilling operations. Salah is expected to a reach its targeted depth of approximately 9,000 feet in late March/early April and is targeting gross P50 unrisked prospective resources of c.71 bcfe, as estimated by management. Salah’s primary targets are in the same Kafr el Sheikh and Abu Madi formations that the Company’s existing four wells are already producing from. On completion of Salah, the rig will move to the location of the SD-12X (Sobhi) well, approximately six kilometres to the west, which is targeting gross P50 unrisked prospective resources of c.33 bcfe, as estimated by management. Sobhi’s primary target is also in the Kafr el Sheikh formation at a depth of approximately 7,000 feet. If successful, the Salah and Sobhi wells would require short, 8.0 kilometre and 5.8 kilometre, tie-ins to the South Disouq Central Processing Facility with SDX’s share of the tie-in cost estimated at US$2.5 million and US$1.9 million respectively. The Company is reviewing a number of development concepts depending on the size of any discovery that is made. To fully produce the 71 bcfe gross P50 unrisked resource targeted in the Salah well, two further development wells would likely be required. The 33 bcfe gross P50 unrisked resource targeted in the Sobhi well, would potentially only require one further development well. This is where it starts to get exciting!
suicidal_tendencies
12 Feb 2020
SDX - Dr Valerie Brackett increases her stake to 4.33% Smarter money likes this company. Retail doesn’t really.
suicidal_tendencies
12 Feb 2020
SDX - Dr Valerie Brackett increases her stake to 4.33% You can add that to AXA’s purchase for their UK Smaller Companies Acc fund. [link] They now hold 3.62%, up from 3.45%. Some of the holdings below don’t match the register and some appear to be old. We have to take the register as gospel. I expect it will get updated to reflect AXA’s additional purchase. Capture.PNG855x917 43.7 KB
Small_Holding
12 Feb 2020
SDX - Dr Valerie Brackett increases her stake to 4.33% Good to see Dr Valerie Brackett has bought 970,150 shares taking her holding to 8,870,150 shares or 4.33%. She is obviously confident in the future prospects for SDX because those extra 970,150 shares will have cost her over £200,000
suicidal_tendencies
10 Feb 2020
SDX Chart tvc_16cca703c64ea877b111ca8d9bbf5541.png943x1295 96.4 KB As is customary, the SDX share price gives most of the hard won gains it makes straight back. I do like this chart though. It’s bottomed some time ago and is slowly making higher highs and lower lows. I’d drawn these trendlines some weeks ago and the price appears to be adhering to them rather well.
Small_Holding
10 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? We may get an update on the BMK-1 well this week, the update on the 28th January said “The rig has now moved to the BMK-1 locationâ€. Given the above information about the speed of drilling, is it too much to hope for that we get a result by the weekend?
Small_Holding
08 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? Thanks to Doubler on LSE board [link] Screenshot_2020-02-08 Zenith Energy Ltd LinkedIn.jpg590x693 204 KB
Small_Holding
08 Feb 2020
SDX – Will they make an acquisition in 2020 or become an acquisition target? Yes very depressing time to hold shares. The financial effect of the Coronavirus is already being felt and the situation will get a lot worse if this is a prolonged epidemic. The companies at the most risk are the ones still in the pre production phase were they have no revenue and they still require additional funds to get them through to production. It has been a difficult year for companies trying to raise funds in this market and that situation is going to get tougher. I own several AIM shares and it is the ones that are not yet generating income that give me the greatest concern. SDX on the other hand is not a worry. They are in the very fortunate position that they could down tools tomorrow and just rake in the profits for the next five years or so, till their reserves run out. With fairly low opex they could build a large cash pile. With no debt and no real need to raise cash, they are self sufficient with a fixed income. As s/t points out there will be companies who are struggling to raise cash and are very vulnerable to takeover. A prolonged slowdown in China and the rest of the world will just increase the pressure on these companies and no doubt opportunities will appear to take advantage of that situation. Although the SDX share price has fallen a little this week it was on low volumes and I suspect it is just nervous retail investors selling. I don’t expect the share price to fall a lot further especially as we are in a period of high impact drilling news. Long term investors are rightly frustrated by the low share price but a lot of what is happening currently is across the board and nothing to do with the company or how it is being run. SDX is a solid company in great financial shape and certainly causes me less concern than other areas of my portfolio.
