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On October 5, 2023, SDX Energy PLC announced it received approximately $1.9 million from DIKA MOROCCO AFRICA, a subsidiary of CITIC Dicastal, following the Gas Prepayment Heads of Terms announced on September 13, 2023. The funds will be used primarily to pay the costs of drilling the KSR-21 well in Morocco.
| Date | 5 Oct 2023 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 7423O |
5 October 2023
SDX ENERGY PLC ("SDX" or the "Company")
SDX/CITIC GAS PREPAYMENT PARTNERSHIP UPDATE
SDX is pleased to announce that, further to its announcement on 13 September 2023 where the Company announced a Gas Prepayment Heads of Terms ("HoT"), the prepayment amount of c. $1.9 million has now been received from DIKA MOROCCO AFRICA, a 100%-owned subsidiary of CITIC Dicastal, which is a subsidiary of Citic Group, a Chinese holding company with a corporate portfolio approaching $1 trillion.
This prepayment shows evidence of a deepening partnership between SDX and CITIC Dicastal, which is the Company's largest offtaker and has an increasing and immediate demand for SDX's gas.
The funds will be used primarily to pay the costs of drilling the KSR-21 well in Morocco.
For further information:
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SDX Energy Plc Daniel Gould, Managing Director William McAvock, Chief Financial Officer Tel: +44 (0) 20 3219 5640
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Shore Capital (Nominated Adviser and Broker) Toby Gibbs/Iain Sexton Tel: +44 (0) 20 7408 4090 |
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InHouseIR (Investor and Media Relations) Sarah Dees/Oliver Clark Email: [email protected] Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669
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Camarco (PR) Billy Clegg/Owen Roberts/Violet Wilson Tel: +44 (0) 20 3757 4980
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About SDX
For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com.