LONDON, June 25, 2019 /CNW/ - The Company advises that
following the 10 June 2019 press
release by Waha Capital ("Waha"), a 19.48% shareholder of SDX
through its wholly-owned subsidiary SDX SPV Limited, in which it
announced the departure of Michael
Raynes as CEO, Mr. Raynes has resigned as a director of SDX
and from his role on SDX's board of directors (the "Board") as
nominee of SDX SPV Limited.
The Company is pleased to advise that Waha intends to appoint a
new nominee to SDX's Board upon the finalisation of the appointment
of Waha's new CEO in the near future.
Michael Doyle, Chairman of SDX
Energy, commented:
"The Board would like to thank Michael Raynes for his support and guidance over
the past three years and we wish him well in his future
endeavours.
We are pleased to have Waha's continued support in growing
our business, and look forward to working with their new nominee
when appointed in the near future".
About the Company
SDX is 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 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 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 Statements
Certain statements contained in this press release may
constitute "forward‐looking statements". Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
are not statements of historical fact should be viewed as
forward-looking information. In particular, statements regarding
the expected timing as to when Waha will be in a position to
nominate a replacement director to the Board should all be regarded
as forward-looking statements. .
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, Waha's
ability to identify a suitable candidate to replace Mr. Raynes on
the Board and the ability to obtain and the timing of any required
regulatory approvals for such candidate.
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.
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.
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.