In the fourth quarter, revenue doubled to US$11mln, up from US$5.4mln in the comparative period of 2016. The realised average oil price averaged US$54.39, compared from US$36.60. It reported a loss of US$2.6mln for the quarter.
Chief executive Paul Welch described 2017 as an “exceptional year” for the company as it benefited from its acquisition of Circle Oil’s assets and had success with the drill-bit.
Production for the full year averaged 3,237 barrels oil equivalent per day – with 2,046 boepd coming from the North West Gemsa field in Egypt, 595 boepd from Meseda, and the Morocco assets yielded some 596 boepd.
For the year, the company generated US$39.2mln of revenue up from US$12.9mln in the preceding year, the net realised price increased to US$46.7 per barrel, from US$31.51, meanwhile, the achieved netback amounted to US$28.9 per barrel, up from US$7.6.
The net realised gas price in Morocco averaged US$9.51 per thousand cubic feet.
Income for the year amounted to US$28.3mln, it generated net cash of US$21.6mln and it ended the year with US$25.8mln of cash in the bank.
Operationally, the company continues to progress its successful drilling campaigns which aim to further increase production.
“We continued to see strong operational performance throughout the year across our portfolio,” Welch said.
“In North West Gemsa we are seeing the results of our twelve successful workovers, and in Meseda we successfully drilled two exploration wells in 2017 followed by the successful Rabul-5 appraisal well earlier this month.
“The remainder of 2018 will see a second appraisal well, Rabul-4, followed by two development wells on the Meseda area of the concession.
“Our nine well drilling programme in Morocco has seen five discoveries from seven wells drilled to date and we look forward to continuing this drilling success throughout the rest of 2018.”
Welch highlighted that SDX continues to focus on low cost, high margin production.
At the same time, a strong funding position means the company is well placed to capitalise on any suitable, value enhancing asset opportunities that may arise, he added.