Financial PR agency Buchanan is advising oil and gas exploration and production company SDX Energy on its forthcoming flotation on AIM.
SDX is expecting to its common shares to start trading on the London market on or around 20 May. This is in addition to its existing listing on Canada’s TSX-Venture Exchange.
The admission to AIM is a condition of a just-completed private placement fundraising for a total of approximately £7.7m ($11m).
According to SDX, it has a working interest in two producing assets (North West Gemsa and Meseda) in Egypt which have “exceptionally low operating costs”.
Paul Welch, SDX chief executive (pictured), said: “SDX Energy is a resilient production growth story coupled with exploration upside potential. Our high margin production from our onshore assets in Egypt means we can generate positive free cash flow down to US$15/bbl Brent and this sets us apart from many of our peers.
He added: “The new funds raised will enable us to execute a near-term work programme on our Meseda asset which has the potential to double production. The funds will also go towards a 3D seismic programme on South Disouq, our high impact exploration license onshore Nile Delta, where we will be fully carried on a well later this year.“
Buchanan has been advising SDX on corporate and financial communications since being appointed in the middle of 2015. Its team includes partner Ben Romney and account executive Madeleine Seacombe.