On completion of the Acquisition, the Company anticipates that its total net working interest production will increase by over per cent. The Placing is being conducted through an accelerated Bookbuild which will be launched immediately following this Announcement in accordance with the terms and conditions set out in Appendix I to this Announcement.

Cantor Fitzgerald, GMP FirstEnergy and Stifel are acting as joint bookrunners in connection with the Placing. GMP FirstEnergy is acting as financial adviser in connection with the Acquisition.

These subsidiaries together hold a portfolio of producing oil and gas assets in Egypt and Morocco. A copy of this statement is on SDX's website at www. This net working capital is allocated c. Subject to the Fundraising securing sufficient gross proceeds, the Company anticipates entering into the SPA on or prior to Admission with completion taking place on the day of Admission, which is expected to occur at 8 a.

If this timetable changes and Admission is delayed, an announcement will be made via a RIS. It is a condition of the Fundraising that the SPA is entered into no later than Admission. Following the signing and completion of the Acquisition, the Company anticipates that it will increase its total net working interest production by per cent.

The Acquisition is in accordance with the Company's strategy to pursue distressed production and development opportunities in North Africa alongside organic growth, as it seeks to build its portfolio to net production of approximately 25, to 30, boepd while also diversifying the overall portfolio to a new jurisdiction.

The details of these Subscriptions will be announced separately in due course. SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on Egypt.

In Egypt, SDX has an interest in two production concessions: NW Gemsa and West Gharib Meseda both located in the Eastern Desert.

SDX's portfolio also consists of South Ramadan, a development asset in the Gulf of Suez and South Disouq, an exploration asset in the Nile Delta.

For further information, please see the website of the Company at www. Neither TSX Venture Exchange nor its Regulation Services Provider as that term is defined in policies of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release. Under the terms of the Acquisition as detailed belowthe Company proposes to acquire per cent. Further information on these subsidiaries and their assets is set out below. Circle Oil Egypt is a Jersey incorporated company which holds a 40 per cent.

SDX currently holds a 10 per cent. Following the Acquisition, SDX will have a 50 per cent. This net working capital balance is principally made up of receivables due from EGPC offset by payables due for operations at NW Gemsa, with no outstanding bank debt, all of which will be acquired by SDX under the terms of the Acquisition.

A copy of the DeGolyer and MacNaughton Report is available on SDX's website at www. The NW Gemsa concession has produced, gross, 1. Circle Oil Maroc is a Jersey incorporated company which holds a 75 per cent. Expired but under negotiation to be re-incorporated in Sebou permit. Well CGD on production. Concession applied for but not yet granted. Prepared in accordance with Canadian National Instrument NI F2 and the COGE Handbook by Evolution Resources SA see their review of Reserves and Resources for Circle Oil Maroc's assets in accordance with Canadian National Instrument NI F2 and the COGE Handbook.

The Sebou Area permits see Table 2 are located in the Rharb basin, onshore Morocco, covering an area of approximately km 2and hold existing gas production and reserves. There are 16 hydrocarbon discoveries on the permits each with a single well penetration. At the end of Juneeight of the discoveries were capable of production, with an option to bring a further discovery onstream as needed.

Gas is exported via a 55 km pipeline to the industrial area of Kenitra. This pipeline is privately owned 75 per cent. Current gross average annual production from the Sebou area is c6. Gas is currently sold under two contracts to local factories, with annual gas sales averaging 6.

SDX has commissioned a CPR on the Sebou permits and published a copy on its website at www. A summary of the resources and reserves of the Sebou permits as at 1 July as estimated by Lloyds Register is set out below. Morocco Gross 1 Reserves and Contingent Resources on Licence 2. An review of Reserves and Resources for Circle Oil Maroc's assets in accordance with Canadian National Instrument NI and the COGE Handbook has been prepared by Evolution Resources SA.

A summary of the resources and reserves of the Sebou permits in accordance with NI as at 1 July as estimated by Evolution Resources SA is set out in Table 4 below. A review of Reserves and Resources for Circle Oil Maroc's assets in accordance with Canadian National Instrument NI and the COGE Handbook has been prepared by Evolution Resources SA. A summary of the reserves of the Sebou permits and the net present value in accordance with NI as at 1 July as estimated by Evolution Resources SA is set out in Table 6 below.

Table 6 Summary of the Evaluation of Petroleum Reserves as of July 1st 1. Summary of the Evaluation of the Petroleum Reserves As of July 1 st Note that in this case, the royalties are expected to be paid as a tax, in this case, the net reserves would be equal to the company gross reserves or Working Interest.

The Lalla Mimouna permits see table 2 comprises a series of exploration concessions which are prospective for gas, covering a total area of 2, km 2. Of the total concession area, km 2 is covered by 3D seismic. The Lalla Mimouna permits are located adjacent to the Sebou permits, and therefore have access to an existing gas sales line. Any future discoveries will utilise this line to be commercialised. While still in the exploration stage, the Company has identified a number of prospects within the permit which will be subject to further investigation following completion of the Acquisition, subject to the exploration permits being extended.

Circle Oil Maroc has recently entered into a new gas sales contract with an existing customer, Super Cerame, at an increased price. In addition, following completion of the Acquisition, the Company believes that there may be an opportunity to improve gas sales margins under the other existing contracts. A summary of the immediate gas sales contract priorities and opportunities for the Company is set out in the table below. As stated in its AIM Admission Document dated 17 Maythe Company's strategy is to create value through low cost production growth and low cost high impact exploration success.

The Company's principal focus has been on organically increasing production and cash flow generation through an active work programme consisting of work-over and development wells in its existing portfolio in Egypt, combined with high impact exploration drilling in Egypt. In executing its strategy, as stated in its AIM Admission Document, the Company's medium term objective is to achieve net production of 3, boepd to 5, boepd which on completion of the Acquisition it will have achieved.

The Board of SDX is of the view that the Acquisition represents the next step in implementing this strategy, by adding low cost oil production in Egypt and high margin gas production in Morocco, at the same time acquiring the assets at what it believes is a highly attractive acquisition price.

In particular, the Board is of the view that its entry into Morocco serves to help diversify the overall portfolio in terms of geography and commodity risk. The Company believes that Morocco is a highly compelling jurisdiction for gas sales and production, on the basis of the following attributes: Following completion of the Acquisition, the Company's overall strategy will remain to grow its portfolio to become a mid-tier oil and gas exploration and production company with net production of approximately 25, to 30, boepd.

On 28 Decemberthe Company entered into non-binding heads of terms with Circle and Circle Oil Jersey Limited for the acquisition by the Company or its subsidiaries of Circle Oil Egypt and Circle Oil Maroc which hold Circle's licence interests in Egypt and Morocco respectively.

Since then the Company has negotiated the SPA for these acquisitions, which following a strategic review process by Circle, will be acquired from the subsidiaries' parent, Circle Oil Jersey, immediately after it has been placed into Administration. It is expected that Circle Oil Jersey will make an application to the Court to initiate an Administration process following the release of this Announcement. Pursuant to the draft SPA, it is expected that the Company will acquire the entire issued share capital of Circle Oil Egypt and Circle Oil Maroc from Circle Oil Jersey Limited and that completion of the Acquisition will take place immediately following signing.

Subject to the Fundraising securing sufficient gross proceeds the Company anticipates entering into the SPA for the acquisition on Admissionwhich is expected to occur at 8am GMT on 27 January It is a condition of the Fundraising that the SPA is entered into prior to Admission. As the Acquisition is of a distressed asset which may involve an insolvency process and it is anticipated that an application with be made to the Court for Circle Oil Jersey to be placed into Administration, it is unlikely that any warranties will be given in the SPA.

The Company has taken this into account when negotiating the Acquisition price. As part of the acquisition, the Group is also entering into agreements to terminate the employment of each of the employees of Circle Oil Plc and in consideration for them waiving any claims they might have arising out of their employment, they will receive payment of their contractual notice period.

In addition, following completion, the Group has undertaken to be responsible for and replace certain guarantees totalling approx. The gross proceeds of the Fundraising are expected to be applied as follows: The Fundraising will comprise the Placing and Subscriptions for new Common Shares at the Placing Price. The Company has appointed Cantor Fitzgerald, GMP FirstEnergy and Stifel as joint bookrunners to the Company in connection with the Placing to use their reasonable endeavours to procure placees for the Placing Shares at the Placing Price.

The Placing will be undertaken by way of an accelerated bookbuild which will commence immediately following publication of this Announcement. The Bookbuild is expected to close no later than 7. Details of the number of new Common Shares to be subscribed for in the Placing and Subscriptions will be announced as soon as practicable after the close of the Bookbuild. Neither the Placing nor the Subscriptions are being underwritten by Cantor Fitzgerald, GMP FirstEnergy or Stifel.

Completion of the Placing and the Subscriptions is conditional upon, among other things: The new Common Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the Existing Common Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such new Common Shares after the date of issue of the new Common Shares and may be subject to such hold periods as may be required under Canadian law.

Shares traded on AIM will not be subject to any hold periods under English law.

Egypt to implement new rules for companies on stock exchange on Feb 1 | Reuters

Application will be made for the new Common Shares to be admitted to trading on AIM which is expected to occur at 8 a. GMT on 27 January and to trading on the TSX-V which is expected to occur at 9: EST on 27 January On 24 Januarythe Company entered into a Placing Agreement with Cantor Fitzgerald, GMP FirstEnergy and Stifel. Under the terms of the Placing Agreement the Company: The Placing Agreement may be terminated by Cantor Fitzgerald, GMP FirstEnergy and Stifel at their discretion at any time prior to Admission in certain circumstances, including amongst others, in circumstances where any warranties are found to be untrue, inaccurate or misleading in any material respect or any material adverse event occurs in the context of the Placing and Subscriptions or the Acquisition.

Accordingly, any investment by any such entity will be a "related party transaction" under MI Each such investment would be exempt from i the formal valuation requirements under Section 5. Furthermore, certain Directors and key management of the Company have indicated an intention to participate in the Fundraising. The Company has received indications of interest in respect of Subscriptions of c.

The details of the Subscriptions are expected to be announced with the closing of the Bookbuild, in due course. In respect of Placees procured by Cantor Fitzgerald, GMP FirstEnergy and Stifel, the Placing is subject to the terms and conditions set out in Appendix I to this Announcement. It is expected that subscribers under the Subscriptions will enter into conditional subscription agreements following this announcement and prior to the close of the Bookbuild.

Meseda's gross average production in Q3 was 3, boepd and the Company announced on 25 November that, following the successful completion of an 8 well workover programme and strategic initiative focussed on development optimization and increasing production, the partners in Meseda completed a fluid handling review during Q3 and had subsequently launched a tendering process to secure the equipment necessary to increase facility treating capacity.

Since this time, the Company and its partner in Meseda have completed the tendering process and appointed a contractor to carry out the works to upgrade the treating capacity at Meseda to 20, bfpd. The Company expects that this will be completed during Q1following which it intends to resume its workover and waterflood programme with a further 5 workovers and 2 infill production wells planned during to take advantage of the improved and increased treating capacity.

In addition, the Company is planning to drill 2 exploration wells on the Meseda permit duringeach with dry hole well costs of c. Further, it has the potential to improve recoverable volumes by three times over the economic life of the field as a result of the waterflood and infill well programme. The Company is pleased to report that the planning work for this exploration well remains on track, and it expects spudding of the well during Q1 If successful, the Company intends to initiate a fast track development programme using existing locally sourced infrastructure.

At NW Gemsa, SDX and the operator have planned a programme of 12 workovers in order to maintain production at an annual average of c. SDX also believes that following completion of the Acquisition, it can improve upon Circle Oil Egypt's payment record and can take over its interest in NW Gemsa with no additional increase in staffing or corporate overhead. A summary of the Company's future work programme following completion of the Acquisition across its enlarged portfolio is set out below.

The work programme for Lalla Mimouna is subject to the exploration licence being extended by that time. Following completion of the Acquisition and Fundraising, the Company's estimated pro forma balance sheet is set out below. Following completion of the Acquisition and Fundraising, a summary of the Company's illustrative cash flow and capital expenditure for full year and is set out below.

An investment in the Company involves a variety of risks. Accordingly, prospective investors should consider carefully the specific risk factors set out or referred to below, in addition to the other information contained in this document before investing in the Company.

The Directors consider the following risks to be the material risks for potential investors. If any of the following risks materialise, the business, financial condition, results or future operations of the Company could be materially and adversely affected. In such circumstances, the trading price of the Common Shares could decline and investors could lose part or all of their investment in the Common Shares. In addition, the risks below are not the only risks to which the Company may be subject.

The Company may be unaware of certain risks or believe certain risks to be immaterial which later prove to be material. The following risk factors should be read together with the Risk Factors set out in Part II of the Company's AIM Admission Document a copy of which can be found on the Company's website: The Acquisition will take the form of a purchase of the Circle Assets at a time when Circle is in a state of financial distress and such sale may involve an insolvency process such as Administration.

As is customary in such circumstances, the Company may not receive any representations or warranties regarding the Acquisition which means that there is no effective recourse in the event the Circle Assets or underlying concessions do not otherwise align with the Company's expectations. The Company has sought to mitigate these acquisition risks by undertaking a targeted due diligence process, which has focused on confirming title to the Circle Assets, the key terms of the material contracts relating to the Circle Assets and the material liabilities relating to the Circle Assets.

Issues identified in due diligence have been taken into account in agreeing the purchase price. Even so, it remains possible that the due diligence may not have identified all material issues associated with the concessions or the Circle Assets and that unidentified issues may have a material adverse effect on the value of the Circle Assets, their concessions and the Company. This has been taken into account in calculating the are binary option trading a scam hedging price for the Acquisition.

To date, North Petroleum International has granted Circle Oil Egypt time to pay this amount pending the receipt of amounts due to Circle Oil Egypt from EGPC relating to petroleum sales, which have been delayed. The Directors expect North Petroleum International to allow this arrangement to continue.

However, if it did not, the Company may need to meet this liability in a short period of time which it would how to buy goldman sachs stock to do through a number of sources which may include a forex broker list pakistan term working capital facility or an acceleration of receivables from EGPC.

The NW Gemsa field extends beyond the boundaries of the NW Gemsa concession. Whilst the process is being finalised, this may result in an increase in reserves. Whilst the Stock market limit down do not consider that any government consents, approvals or waivers are required for the Acquisition, it is possible particularly in emerging markets that governments may assert consent, approval or pre-emption rights, or rights to payments in relation to natural resources transactions.

On the basis of advice received as to current practice in Egypt and Morocco, the Directors do not believe this to be a material risk for the Acquisition. Please also refer to the Risk Factors in Part II of the Company's AIM Admission Document, including Section 2 titled "Risks Relating to the Industry or Countries in Which the Company Operates". This Section highlights risks related to ownership of oil and gas assets in Egypt, and is provided in the context of the Company's existing ownership interest in the 30 second binary options system security 2016 Gemsa Asset.

The Company is increasing its interest in this asset and accordingly the same risk factors have direct application here. Certain of the licences held by Circle Earn money in forex trading Morocco as detailed in the licence table, which are the subject of the Acquisition, have expired with renewals yet to be granted by ONHYM who are Circle's partner in these licencesor are at application stage and are awaiting grant by ONHYM.

While earnest money nc law Company remains confident that such renewals and applications will be granted by ONHYM, there can be no guarantee that this will occur in a timely manner following completion of the Acquisition, if at all.

In the event that such renewals and applications are not granted by ONHYM, SDX may not acquire title to those assets and therefore may not be entitled to produce hydrocarbons from the respective fields contained within these licences, nor to receive cash flows associated with such hydrocarbon production.

Such circumstances may result in an adverse impact on the Company's revenues and profits, cash flows and financial position. As at 25 January wells with approximately 0.

As noted earlier in the announcement, the gas produced from the Moroccan licences is sold to two local factories in Morocco, delivered through separate local pipelines. Any disruption to the pipelines or the production licences whether due to operational constraints, sabotage, claims from local land owners or occupiers, or otherwise may undermine the Company's ability to produce, transport or sell its gas, and could lead to claims from the offtakers.

The Company is reliant on the continued custom of these offtakers to enable it to trader joes unsalted chicken stock of its gas production in Morocco.

The contracts with the offtakers presently expire on 31 Marchin respect of approx. The risk of these contracts not being renewed is mitigated by the lack of available alternative suppliers of gas in the region at comparable prices see above as to the current alternative supply and price differential. There are a number of disputes ongoing in relation to Circle Oil Maroc, which the Directors do not consider material and which have been taken into account in agreeing the purchase price for the Acquisition.

Whilst there is no current material litigation ongoing in relation to Circle Oil Maroc, rules listed companies egyptian stock market final time periods for appeal by claimants in relation to previous cases may not have passed in all instances and it is possible that claims could be revived, which may have a material adverse effect on the value of the Circle Assets, their concessions and the Company.

There are presently two bank guarantees in place in relation to the Moroccan licences, for which the Company will be responsible following completion of the Acquisition. The Company expects both guarantees to apply to the Moroccan licences once extended as anticipated by the Company.

In the event the relevant Moroccan licences are not extended, the guarantees could be called and the Company required to fund such amounts. While this Section highlights risks related to ownership of oil and gas assets in countries other than Morocco, the majority of the risk factors apply equally to Morocco.

Closing of accelerated Bookbuild, Subscription Agreements entered into and announcement of results. Admission and dealings expected to commence in new Common Shares. If there are any changes and Admission is delayed, an announcement of the updated timetable will be made via a RIS.

In addition to the terms defined above in this Announcement, the following additional definitions apply throughout forex.com broker reviews Announcement including its Appendix unless the context requires otherwise: Cantor Fitzgerald Europe, the Company's nominated adviser and broker and joint bookrunner to the Placing.

Circle Oil plc, a company incorporated work from home jobs sheroes the Republic of Ireland.

Circle Oil Egypt Limited, an indirect per cent. Circle Oil Jersey Limited, a per cent. Circle Oil Maroc Limited, an indirect per cent. FirstEnergy Capital LLP, and an affiliate of GMP Securities L. Stifel Nicolaus Europe Limited, joint bookrunner to the Placing. United states dollar, the lawful currency of the United States of America.

Sterling, the lawful currency of the United Kingdom; and Canadian dollar, the lawful currency of Canada. Cantor Fitzgerald Europe which is authorised and regulated in the United Kingdom by the FCA, is acting for the Company and for no one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to Cantor Fitzgerald's clients, or for providing advice in relation to the Placing, or any other matters referred to herein.

First Energy Capital LLP which is authorised and regulated in the United Kingdom by the FCA, is acting for the Company and for no one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to GMP First Energy's clients, or for providing advice in relation to the Placing, or any other matters referred to herein.

Stifel Nicolaus Europe Limited which is authorised and regulated in the United Kingdom by the FCA, is acting for the Company and for no one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to Stifel's clients, or for providing advice in relation to the Placing, or any other matters referred to herein.

The information contained in this announcement is inside information. Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws.

These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable review forex hacked assumptions of management.

In particular, statements concerning the assets of Circle Oil Egypt and Circle Oil Maroc, the Acquisition, the Fundraising and the future prospects and strategy of the Company, and the results referenced or implied herein should be viewed as forward-looking statements.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements".

All reserves and resources information contained herein should be considered as forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and development and political, social and other risks inherent in carrying on business in Egypt and Morocco.

There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

Although SDX has attempted to identify important factors that could cause actual brazilian stocks traded on nyse, events or results to differ materially from those described best forex return traders to follow on twitter forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. SDX's Annual Information Form for the year ended December 31,filed on the Company's SEDAR profile on April 29,has a full description of the risks and uncertainties associated with the Company's business, including its exploration activities and these risk factors and uncertainties should be referred to and read in their entirety.

The forward-looking statements contained herein are expressly qualified by this cautionary statement. Reserves and Resources Data- Egypt and Evolution Resources SA statement regarding Morocco. The determination of oil and natural gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved, probable and possible reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery.

The estimation and classification of reserves requires the application of professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly replacement stocks for ruger no 1 and apply reserves definitions.

The recovery and reserve estimates of oil reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein. Terms related to reserves classifications referred to herein are based on definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook "COGE Handbook" and are in accordance with National Instrument - Standards of Disclosure for Oil and Gas Activities.

It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Trading hours on australia day coles is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

The wotlk money maker certainty levels referred to in the definitions above are applicable to "individual reserves entities", which refers to the lowest level at which reserves calculations are performed, and to "reported reserves", which refers to the highest level sum of individual entity estimates for which reserves estimates are presented.

Reported reserves should target make money with herbalism mop following levels of certainty under a specific set of economic conditions: This category of reserves can also be denoted as 1P.

This category of reserves can also be denoted as 2P; and. This category of reserves can also be denoted as 3P. Additional clarification of certainty levels associated with reserves estimates and the effect of aggregation is provided in the COGE Handbook. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Use of the term "boe" may be misleading, particularly if used in isolation. A "boe" conversion ratio of 6 Mcf: Certain volumes provided in this news release represent a pro forma arithmetic sum of multiple estimates of proved plus probable reserves, which statistical principles indicate may be misleading as to volumes that may actually be recovered.

Readers should give attention to the estimates of individual classes of reserves and appreciate the differing probabilities of recovery associated with each class as explained in the annual oil and gas disclosure filings of SDX available on www.

Factors that could affect the accuracy of the reported pro forma aggregated reserves estimates include company level economics times of india forex in evaluation effective dates, reservoir characteristics and pricing assumptions.

Resources are petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including discovered and undiscovered recoverable and unrecoverable plus quantities already produced. Total resources is equivalent to total petroleum initially-in-place.

Prospective resources have both an associated chance of discovery and a chance of development. Resources information in this press release relating to Egypt is based on the DeGolyer and MacNaughton Report. Reserves information in this press release relating to NW Gemsa are based on the independent reserves and resources evaluation of the Company by DeGolyer and MacNaughton Canada Limited the " DeGolyer and MacNaughton Report "dated December 31,evaluating SDX's crude oil, natural gas liquids and natural gas reserves and resources between January 1, and December 31, The Net Present Values presented in this liberforex brasil which have extracted from the report been prepared by Evolution Resources SA have been calculated based on the information provided by SDX Energy and the NI requirements.

The NPV provided might not necessarily be check binary options with a demo accounts of the fair market value of the reserves or the assets.

SDX has commissioned a CPR on the Sebou permits in Morocco from Lloyd's Register. Reserves and contingent resources which have been evaluated by Lloyd's Register have been evaluated in accordance with the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers SPE.

Each Placee should consult with how to put checkbox in excel mac own advisers as to legal, tax, business and related aspects of any subscription for Placing Shares. These Terms and Conditions do not constitute an offer or invitation to acquire, underwrite or dispose of, or any solicitation of any offer or invitation to acquire, underwrite or dispose of, any Common Shares or black scholes option model formula securities of the Company to any person in any jurisdiction to whom it is unlawful to make such offer, invitation or solicitation in such jurisdiction.

Persons who seek to participate in the Placing must inform themselves about and observe any such restrictions and must be persons who are able to lawfully receive this Announcement in their jurisdiction. In particular, these Terms and Conditions do not constitute an offer or invitation or a solicitation of any offer or invitation to acquire, underwrite or dispose of or otherwise deal in any Common Shares or other securities of the Company in the United States, Canada, Australia, Japan or the Republic of South Africa.

Any offering of the Placing Shares to be made in call of duty ghost multiplayer ps4 ps3 United States will be made only to a limited number of "qualified institutional buyers" as defined in Rule A under the Securities Act pursuant to an exemption from the registration requirements of the Securities Act in a transaction not involving any public offering and outside the United States in offshore transactions in accordance with Regulation S under the Securities Act "Regulation S".

No public offering of the Placing Shares is being made in the United Kingdom, any Restricted Territory or elsewhere. These Terms and Conditions apply to Placees, each of whom confirms its agreement, whether by telephone or otherwise, with Cantor Fitzgerald, GMP FirstEnergy or Stifel the "Bookrunners" to subscribe for Placing Shares in the Placing, and hereby agrees with each of the Bookrunners to be legally and irrevocably bound forex foreign exchange traders in india these Terms and Conditions which will be the Terms and Conditions on which the Placing Shares will be acquired in the Placing and is deemed to have read and understood this Announcement in its entirety including this Appendix and to be providing the representations, warranties, undertakings, agreements and acknowledgements contained in this Appendix.

Capitalised terms not otherwise defined in this appendix are as defined in the Announcement relating to the Placing of which this appendix forms a part. The Terms and Conditions must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which the Terms and Conditions set out herein relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

A Placee may not assign, transfer, or in any manner, deal with its rights or obligations under the agreement arising from the acceptance of the Placing, without the prior written agreement of the Bookrunners or in accordance with all relevant requirements. All times and dates in this appendix are references to times and dates in London United Kingdom. The Bookrunners have entered into the Placing Agreement with the Company under which the Bookrunners have severally and not jointly or jointly and severallyon the terms and subject to the conditions set out therein, undertaken to use their reasonable endeavours as agents of the Company to procure Placees for the Placing Shares.

The Bookrunners will today commence the Bookbuild to determine demand for participation in the Placing. This appendix gives details of the terms and conditions of, and the mechanics for participation in, the Placing.

Such commitment is not capable of termination or rescission by the Placee in any circumstances except fraud. All such obligations are entered into by the Placee with Cantor Fitzgerald, GMP FirstEnergy or Stifel acting in their capacity as agents of the Company and are therefore directly enforceable by the Company.

After such agreement is entered into, each Placee allocated Placing Shares in the Placing will be sent a confirmatory email stating the number of Placing Shares allocated to it at the Placing Price, the total subscription amount payable to the Bookrunners and including settlement instructions the "Confirmation Note".

Except with the Bookrunners' consent, such commitment will not be capable of variation or revocation after the time at which it is submitted. Each Placee will be deemed to have read this appendix in its entirety.

Cantor Fitzgerald, GMP FirstEnergy and Stifel are each acting for the Company and no one else in connection with the Placing and will not regard any other person whether or not a recipient of these Terms and Conditions as a client in relation to the Placing and to the fullest extent permitted by law and applicable FCA rules, neither Cantor Fitzgerald, GMP FirstEnergy nor Stifel nor any of their respective affiliates will have any liability, obligation or duty to Placees or to any person other than the Company in respect of the Placing.

The Company confirms that the Placing Shares will when issued, subject to the constitution of the Company, rank pari passu in all respects and form one class with the Existing Common Shares of the Company in issue on Admission, including the right to receive dividends or other distributions after the date of issue of the Placing Shares, if any.

The Placing Shares will be issued free of any encumbrance, lien or other security interest. The completion of the Bookbuild will be determined by the Bookrunners in their absolute discretion and shall then be announced on a Regulatory Information Service as soon as is practicable following completion of the Bookbuild.

The Bookbuild is expected to close no later than 8. The Bookrunners may, in agreement with the Company, accept bids that are received after the Bookbuild has closed.

The Bookrunners reserve the right to reduce or seek to increase the amount to be raised pursuant to the Placing, in their absolute discretion. Application will be made to the London Stock Exchange for Admission of the Placing Shares to trading on AIM. It is anticipated that Admission of the Placing Shares to trading on AIM will become effective at 8. Application will also be made to TSX-V for the Placing Shares and Subscription Shares to be listed on the TSX-V.

The Placing Shares and Subscription Shares are expected to be listed on the TSX-V within one business day following Admission. Each of Cantor Fitzgerald, GMP FirstEnergy and Stifel after consulting with the Company reserve the right to scale back the number of Placing Shares to be subscribed by any Placee or the number of Placing Shares to be subscribed for by all Placees in aggregate.

The Company, Cantor Fitzgerald, GMP FirstEnergy and Stifel also each reserve the right not to offer allocations of Placing Shares to any person and not to accept offers to subscribe for Placing Shares or to accept such offers in part rather than in whole.

Cantor Fitzgerald, GMP FirstEnergy and Stifel shall be entitled to effect the Placing by such method as they shall in their sole discretion lawfully determine in the exercise of their appointment and the powers, authority and discretion conferred on them as Bookrunners. To the fullest extent permissible by law, neither Cantor Fitzgerald, GMP FirstEnergy nor Stifel nor any holding company thereof, nor any subsidiary, branch or affiliate of Cantor Fitzgerald or GMP FirstEnergy or Stifel each an "Affiliate" nor any person acting on behalf of any of the foregoing shall have any liability to Placees or to any other person whether acting on behalf of a Placee or otherwise.

In particular, none of Cantor Fitzgerald, GMP FirstEnergy, Stifel, nor any of their Affiliates nor any person acting on behalf of any such person shall have any liability to Placees in respect of its conduct of the Placing. Pursuant to the Placing Agreement, Cantor Fitzgerald, GMP FirstEnergy and Stifel have each agreed on behalf of and as agent of the Company, to use its reasonable endeavours to procure persons who will subscribe for the Placing Shares at the Placing Price, subject to these Terms and Conditions.

The Placing is not underwritten. The obligations of each of Cantor Fitzgerald, GMP FirstEnergy and Stifel under the Placing Agreement in respect of the Placing Shares are conditional, inter alia, on: The Placing Agreement contains, inter aliacertain warranties and indemnities from the Company for the benefit of Cantor Fitzgerald, GMP FirstEnergy and Stifel.

Right to terminate the Placing Agreemen t. Cantor Fitzgerald, GMP FirstEnergy and Stifel may, each in their absolute discretion, terminate the Placing Agreement inter alia if: By accepting the Placing Shares referred to in the Announcement to which this appendix is annexed, each Placee agrees that, without having any liability to such Placee, Cantor Fitzgerald, GMP FirstEnergy and Stifel may, in their absolute discretion, exercise the right: If any of the conditions in the Placing Agreement are not satisfied or, where relevant, waivedthe Placing Agreement is terminated or the Placing Agreement does not otherwise become unconditional in all respects, the Placing will not proceed and all funds delivered by Placees to Cantor Fitzgerald, GMP FirstEnergy, Stifel or the Company pursuant to the Placing and this appendix will be returned to Placees at their risk without interest, and Placees' rights and obligations under the Placing shall cease and determine at such time and no claim shall be made by Placees in respect thereof.

Settlement of transactions in the Placing Shares ISIN: CAA following Admission will take place within CREST subject to certain exceptions.

Cantor Fitzgerald, GMP FirstEnergy and Stifel reserve the right to require settlement for, and delivery of, the Placing Shares or a portion thereof to Placees by such other means that they may deem necessary if delivery or settlement is not possible or practicable within CREST within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in the jurisdiction of any Placee.

It is expected that settlement will be on 27 January in accordance with the instructions set out in the Confirmation Note. Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of 3 percentage points above The Royal Bank of Scotland plc's base rate, with interest compounded on a daily basis. Each Placee is deemed to agree that, if it does not comply with these obligations, Cantor Fitzgerald, GMP FirstEnergy and Stifel may sell any or all of the Placing Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, for Cantor Fitzgerald, GMP FirstEnergy or Stifel's account and benefit as agents for the Companyan amount equal to the aggregate amount owed by the Placee plus any interest due.

The relevant Placee will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax or securities transfer tax together with any interest or penalties which may arise in any jurisdiction upon the sale of such Placing Shares on such Placee's behalf. If Placing Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the Confirmation Note is copied and delivered immediately to the relevant person within that organisation.

The Company confirms that insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax or securities transfer tax.

Placees will not be entitled to receive any fee or commission in connection with the Placing. Each Placee acknowledges that if: Likewise, neither Cantor Fitzgerald, GMP FirstEnergy nor Stifel will treat any payment by such Placee pursuant to its Placing Participation as client money and governed by the FCA's Client Assets Sourcebook. Accordingly, such Placee acknowledges and agrees that the Placing Shares may not, subject to certain limited exceptions, be offered or sold, directly or indirectly, in or into the United States, any province of Canada or Australia, Japan or the Republic of South Africa or offered or sold to, or for the account or benefit of, a national, citizen or resident of the United States, any province of Canada or Australia, Japan or the Republic of South Africa, in each case subject to limited exemptions, or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

Such Placee further confirms that it understands that the information in this Announcement, including financial information, may be materially different from any disclosure that would be provided in a United States offering. Such Placee irrevocably authorises each of the Company, Cantor Fitzgerald, GMP FirstEnergy and Stifel to produce a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

Listing on Egyptian exchange (EGX) | KPMG | EG

Each Placee if any located in the United States shall on request make specific representations, warranties and acknowledgements pursuant to a separate US investor representation letter. CREST depositary interests representing Placing Shares, once issued, will be admitted to CREST with effect from Admission.

Placees will receive such depositary interests comprised in their Placing Participation in uncertificated form registered in their CREST member account. The Terms and Conditions set out in this appendix and the Announcement of which it forms part have been issued by the Company and are the sole responsibility of the Company.

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Terms and conditionsincluding restrictions on use and distribution apply. Egyptian and Moroccan Acquisition and Fundraise. About SDX SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on Egypt. Paul Welch President and Chief Executive Officer Tel: Circle Oil Egypt Circle Oil Egypt is a Jersey incorporated company which holds a 40 per cent.

Circle Oil Maroc Circle Oil Maroc is a Jersey incorporated company which holds a 75 per cent. Concession applied for but not yet granted 0.

Note that in this case, the royalties are expected to be paid as a tax, in this case, the net reserves would be equal to the company gross reserves or Working Interest Approximately 0. Details of the Acquisition On 28 Decemberthe Company entered into non-binding heads of terms with Circle and Circle Oil Jersey Limited for the acquisition by the Company or its subsidiaries of Circle Oil Egypt and Circle Oil Maroc which hold Circle's licence interests in Egypt and Morocco respectively.

If successful, the Company intends to initiate a fast track development programme using existing locally sourced infrastructure At NW Gemsa, SDX and the operator have planned a programme of 12 workovers in order to maintain production at an annual average of c.

Risks relating to the Acquisition The Acquisition will take the form of a purchase of the Circle Assets at a time when Circle is in a state of financial distress and such sale may involve an insolvency process such as Administration. Risks relating to Morocco Risks relating to licences Certain of the licences held by Circle Oil Morocco as detailed in the licence table, which are the subject of the Acquisition, have expired with renewals yet to be granted by ONHYM who are Circle's partner in these licencesor are at application stage and are awaiting grant by ONHYM.

Other risks relating to Morocco As noted earlier in the announcement, the gas produced from the Moroccan licences is sold to two local factories in Morocco, delivered through separate local pipelines. Inside Information The information contained in this announcement is inside information. Forward Looking Statements Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Reserves and Resources Data- Egypt and Evolution Resources SA statement regarding Morocco The determination of oil and natural gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty.

Reserves and Resources Data Morocco - Lloyd's Register CPR SDX has commissioned a CPR on the Sebou permits in Morocco from Lloyd's Register. Terms of the Placing The Bookrunners have entered into the Placing Agreement with the Company under which the Bookrunners have severally and not jointly or jointly and severallyon the terms and subject to the conditions set out therein, undertaken to use their reasonable endeavours as agents of the Company to procure Placees for the Placing Shares.

Application for Admission Application will be made to the London Stock Exchange for Admission of the Placing Shares to trading on AIM. Placing Participations conditional Placing Participations are in all respects conditional upon: Scaling back Each of Cantor Fitzgerald, GMP FirstEnergy and Stifel after consulting with the Company reserve the right to scale back the number of Placing Shares to be subscribed by any Placee or the number of Placing Shares to be subscribed for by all Placees in aggregate.

Placing Agreement Pursuant to the Placing Agreement, Cantor Fitzgerald, GMP FirstEnergy and Stifel have each agreed on behalf of and as agent of the Company, to use its reasonable endeavours to procure persons who will subscribe for the Placing Shares at the Placing Price, subject to these Terms and Conditions.

Conditions of the Placing The obligations of each of Cantor Fitzgerald, GMP FirstEnergy and Stifel under the Placing Agreement in respect of the Placing Shares are conditional, inter alia, on: Right to terminate the Placing Agreemen t Cantor Fitzgerald, GMP FirstEnergy and Stifel may, each in their absolute discretion, terminate the Placing Agreement inter alia if: Likewise, neither Cantor Fitzgerald, GMP FirstEnergy nor Stifel will treat any payment by such Placee pursuant to its Placing Participation as client money and governed by the FCA's Client Assets Sourcebook; 8.

Accordingly, such Placee acknowledges and agrees that the Placing Shares may not, subject to certain limited exceptions, be offered or sold, directly or indirectly, in or into the United States, any province of Canada or Australia, Japan or the Republic of South Africa or offered or sold to, or for the account or benefit of, a national, citizen or resident of the United States, any province of Canada or Australia, Japan or the Republic of South Africa, in each case subject to limited exemptions, or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction; Such Placee further confirms that it understands that the information in this Announcement, including financial information, may be materially different from any disclosure that would be provided in a United States offering; Such Placee irrevocably authorises each of the Company, Cantor Fitzgerald, GMP FirstEnergy and Stifel to produce a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby; Responsibility The Terms and Conditions set out in this appendix and the Announcement of which it forms part have been issued by the Company and are the sole responsibility of the Company.

Go to market news section. Mark Reid Chief Financial Officer Tel: Licence Area km 2. Current production Boepd gross 3. Exploration Period has expired. Expired but renewal under negotiation. Min 10 years duration proposed. Sidi Al Harati Southwest. Well SAH-W1 on production. Expired but an extension has been applied for. Sebou 10 6 Nm 3. Oulad N'Zala 10 6 Nm 3. Total 10 6 Nm 3.

Oulad N'Zala MM cm. Circle Oil Maroc's Assets: Net Present Value at 1 July Proved plus Probable plus Possible. Ultimate Reserves MM scf. Remaining reserves MM scf. Net Presents Values millions USD - Net to Circle. Porcher 3 rd party. Consideration for the Acquisition. Costs of the Placing and Acquistion.

Infill Producer - 1. Infill Producer - 2. Exploration Well - 1. Exploration Well - 2. Consolidated Pro-forma Adjs USD' Consolidated Balance Sheet USD' Other working capital assets. Oil and Gas Assets.

Other working capital liabilities. Announcement of the proposed Acquisition and Fundraising. On or prior to 8 a. SDX to enter into the SPA. AIM, a market operated by London Stock Exchange. Company's AIM Admission Document dated 17 May. Degolyer and MacNaughton Canada Limited. Egyptian General Petroleum Corporation.

Lloyds Register Lloyd's Register GB Limited. London Stock Exchange plc. L'Office National des Hydrocarbures et des mines. Contingent resources - Low case. Contingent resources - Mid case. Contingent resources - High case. Canadian Oil and Gas Evaluation Handbook. Canadian National Instrument