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Rabat – SDX Energy, a British MENA-focused oil and gas exploration company, announced today that it secured a financing of $3.25 million to expand its Moroccan gas production.
In a press release, the company said that the financing is part of a convertible loan, of which an initial amount of $2 million “has been drawn and will be immediately used to reduce outstanding debt to the European Bank for Reconstruction and Development or EBERD.
The fund will also be used to pay critical service providers to accelerate the drilling campaign in Morocco as well as for other corporate purposes.
“The syndicated Convertible Loan is unsecured, convertible at any time at the option of the individual lenders and repayable 364 days after the initial drawdown of the Convertible Loan is made,” SDX Energy said.
Daniel Gould, Managing director of SDX Energy, commented on the secured convertible loan, stressing the company’s vision to turn itself as the leading energy provider in Morocco.
The company’s approach also seeks to enable it as a leader in delivering combined gas and renewable energy solutions to “our existing and growing customer base,” he said.
Gould also expressed the company’s determination to leverage its long presence as well as infrastructure in Morocco to turn its ambitions into reality.
“In order to deliver on this vision, the company will access a wider capital market for the renewable projects which may be financed on a standalone basis,” Gould concluded.
Since its establishment in 2015, SDX Energy has established a remarkable foothold in the MENA region, particularly in Egypt and Morocco, where it has high-margin-producing assets with long-term, fixed-price gas contracts.
SDX Energy holds a significant 75% operated working interest across its diverse Moroccan portfolio, encompassing exploration permits such as Sebou Central, Gharb Occidental, Moulay Bouchta Ouest, and Lalla Mimouna Sud
