SDX Energy announces successful completion of $10m fundraising

North African focused oil and gas company SDX Energy announced on Wednesday it had successfully completed an oversubscribed $10m private placement with its existing investors.

The 17.5m new shares, which represented 9.4% of the company's share capital before the fundraising, were sold at 43.75p each with a significant amount of the investment coming from MEA Energy Investments which took its existing 15.6% stake in the firm up to 19.1%.

The group said proceeds of the fundraising would be used to accelerate the company's exploration and appraisal programme at its South Disouq asset in Egypt, as well as continuing its development projects across its Moroccan acreage.

SDX also said it anticipated cash resources to grow from the second half of 2018 after gas sales from the Egyptian asset had commenced.

As of 0905 BST, shares had moved ahead 4.69% to 45.80p.