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SDX Energy quarterly revenues jump during 'busy period'
North Africa focused oil and gas company SDX Energy saw revenues and overall production move "significantly" ahead in the first quarter of its trading year
SDX improved revenues 35% to $11m for the three months leading to 31 March as it upped the amount of oil produced per day across its Egyptian and Moroccan interests to a total of 3,036 barrels of oil per day.
The AIM-quoted firm turned in earnings before interest, tax, depreciation, amortization, exploration expense and impairment of $7.4m, a 362% year-on-year jump.
SDX held cash and equivalents of $29.3m at the end of the period, 38% more than it had a year earlier.
Paul Welch, president and chief executive of SDX Energy, said, "The first quarter of 2018 was a busy period for SDX and one which saw the company significantly increase its net revenue and overall production year on year."
"Throughout the period, we remained focused on strict capital discipline and continued to monitor opportunities that would enable us to increase our asset base in North Africa. As at March 31, 2018, we are well funded for our numerous work commitments this year with $29.3m of cash, no debt and we remain on track to double our production by the end of 2018," Welch added.
As of 1030 BST, SDX shares had ticked ahead 0.99% to 71.70p.