SDX Energy Announces Related Party Transaction

Source: www.gulfoilandgas.com 9/13/2022, Location: Africa

SDX Energy Plc (SDX) announces that on 9 August 2022, Sea Dragon Energy (Nile) B.V. ("Sea Dragon Nile"), a subsidiary of SDX that is party to the South Disouq concession, onshore Egypt, paid a dividend of US$2,700,000 to its shareholders. As Sea Dragon Nile is 67% owned by a 100% subsidiary of SDX and 33% owned by Energy Flow Global Limited ("EFGL"), a dividend of US$891,000 was paid to EFGL. This is the method by which EFGL receives its economic entitlement to its share of South Disouq revenues less costs. The dividend was paid using Sea Dragon's existing cash resources. SDX's share of the dividend will be used to meet the cash requirements of Group activities.

As EFGL is considered a related party of SDX, the dividend represents a related party transaction under the AIM Rules. The directors of the Company having consulted with the Company's nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.


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