(MENAFN- ProactiveInvestors - N.America) SDX Energy Inc (LON:SDX, CVE:SDX) closed the second tranche of its recent funding, issuing new shares priced at 18p each (current price: 20.25p).
The exploration and production company announced the funding deals, to raise a total of 7.6mln (US$11mln), back in May to coincide with its admission to London's AIM market.
The injection of funds was designed to enable a significantly increase production in Meseda, the company's high margin production operation, as well as work across the rest of the portfolio in Egypt included the high impact South Disouq exploration opportunity.
Back in May, SDX chief executive Paul Welch said the company was now 'uniquely placed to thrive'.
SDX has two production concessions onshore Egypt, and exploration and development licences in Egypt and Cameroon. In 2015, it reported net production of 1,519 boepd.
An independent audit confirmed 2P Reserves net to the firm of 7.34MMboe (North West Gemsa and Meseda) and gross mean prospective resources of 585 bcf (322 bcf net to SDX) at South Disouq.
The company has an active work programme for 2016 consisting of work over and development drilling and a carried exploration well. The near-term strategy is to ramp-up production through a workover programme on the Meseda concession.
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