SDX Energy, the oil and gas exploration company operating in Morocco and Egypt, announces a change in its management. As of May 31, Paul Welch will resign as director, president and chief executive officer of the company. He will be replaced by Acting Director Mark Reid, the current CFO.
In the first quarter, SDX Energy recorded a 15% increase in revenues to $ 13 million. Earnings reached $ 9 million, up 3% from the first quarter of 2018. This positive result can be explained in particular by the increase in production and the rise in gasoline prices in Morocco.
The society SDX plans to drill 12 new wells between the last quarter of 2019 and the beginning of 2020.