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SDX Energy - Prime Positioned for Acquisition Growth
25 Apr 17
SDX Energy is an oil and gas exploration and production company with assets in Morocco and Egypt. Born out of the merger between Canadian companies Sea Dragon Energy and Madison PetroGas in late 2015, SDX Energy was listed on the AIM market in London in May 2016. A solid production base, positive free-cash flow generation and debt-free balance sheet, provide a strong valuation support and put the company in a privileged position to carry out accretive acquisitions of distressed Egyptian assets, such as that of Circle Oil in early 2017. An attractive exploration portfolio provides additional high impact value optionality. The SD-1X exploration well in South Disouq already discovered gas in the shallower Abu Madi objective and is expected to reach a potentially oil-bearing deeper objective imminently. We reckon that only part of our estimated current value of South Disouq is priced in the current share price, leaving at least 35p (+57%) of potential risked upside.
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