- SDX Energy posted a large fall in annual profit as it more than doubled spending on its prospects in Morocco and Egypt.

Net profit for the year through December dropped to $0.1m, down substantially from $28.3m on-year.

Revenue rose 37% to $53.7m as the company benefited from higher oil prices, while Ebitdax improved 60% to $34.3m.

Capital expenditure more than doubled to $44.0m.

'During 2018, we achieved strong operational success across our portfolio, significantly grew our annual cash flows, achieved our Egyptian production targets and began to grow our Moroccan business meaningfully,' chief executive Paul Welch said.

'Our focus remains on realizing value for shareholders through low-cost, high-margin production across our current portfolio.'

'We are looking forward to another exciting year in 2019 and will keep all our shareholders updated throughout the period.'

At 8:10am: [LON:SDX] SDX Energy Inc. share price was -2p at 40.5p

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