THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED
BY SDX ENERGY PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
LONDON, May 27, 2019 /CNW/ - SDX Energy plc
and SDX Energy Inc. are pleased to announce that they have
completed a re-domiciliation transaction under a statutory plan of
arrangement (the "Arrangement") pursuant to which SDX UK has
become the ultimate parent company of SDX Canada and its
subsidiaries (collectively, the "Company").
Pursuant to the Arrangement, among other things, SDX UK acquired
all of the issued and outstanding common shares in the capital of
SDX Canada (the "SDX Canada Shares") in exchange for new
ordinary shares in SDX UK ("SDX UK Shares") on a one-for-one
basis. As a result of the Arrangement, SDX Canada has become a
wholly-owned subsidiary of SDX UK. The SDX Canada Shares were
delisted from the TSX Venture Exchange as of the close of business
on 24 May 2019. The SDX Canada Shares will be cancelled from
trading on the AIM market of the London Stock Exchange plc
("AIM") prior to the SDX UK Shares being admitted to trading
on AIM which is expected to occur at 8.00
a.m. (London time) on
28 May 2019.
About SDX UK
SDX UK, an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a principal focus on
North Africa. In Egypt, SDX UK has a working interest in two
producing assets (50% North West Gemsa & 50% Meseda) located
onshore in the Eastern Desert, adjacent to the Gulf of Suez. In
Morocco, SDX UK has a 75% working
interest in the Sebou concession situated in the Rharb Basin. These
producing assets are characterised by exceptionally low operating
costs making them particularly resilient in a low oil price
environment. SDX's portfolio also includes high impact exploration
opportunities in both Egypt and
Morocco.
For further information, please see the website of the Company
at www.sdxenergy.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
the cancellation of the SDX Canada Shares on AIM; and the approval
of the admission of the SDX UK Shares should be regarded as
forward-looking information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurances that they may prove to be correct. This includes, but is
not limited to, assumptions related to, among other things, ability
to obtain listing approvals.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors to provide accurate
timing to the market, it cautions that due to the nature of its
operations and reliance on third parties this is subject to change
often at little or no notice. If there is a delay or change to any
of the timings indicated in this announcement, SDX Canada and SDX
UK shall update the market without delay.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward‐looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. Readers are
cautioned that the foregoing list of risk factors is not exhaustive
and are advised to reference SDX Canada's management information
circular dated 8 April 2019 for a
description of additional risks and uncertainties associated with
the Arrangement and with the Company's business, including its
exploration activities, which is available on the Company's SEDAR
profile at www.sedar.com.
The forward‐looking information contained in this press release
is as of the date hereof and the Company does not undertake any
obligation to update publicly or to revise any of the included
forward‐looking information, except as required by applicable law.
The forward‐looking information contained herein is expressly
qualified by this cautionary statement.
SOURCE SDX Energy Inc.