StockMarketWire.com - Egypt and Morocco focused oil company SDX Energy posted a first-quarter loss after rising revenue was offset by exploration and other expenses.

Net losses for the three months through March amounted to $3.2m, compared to losses of $0.1m on-year.

Revenue rose $16.0m, up from $12.7m, as production more than doubled to 8,061 barrels of oil equivalent per day.

SDX Energy guided for full-year production of 6,750 -to-7,000 boepd.

'During the second half of March 2020 and into April 2020, Covid-19 containment restrictions in Morocco temporarily impacted our operations, with three customers being required to close their operations,' it said.

'In early May these same customers re-started production, albeit not at full capacity, and as at 19 May had returned to approximately 40% of their pre-closure consumption rates.'

'The company will continue to monitor this situation and provide an update on Moroccan production guidance after the three customers have returned to more steady state and predictable consumption levels.'


At 9:20am: [LON:SDX] SDX Energy Inc. share price was +0.25p at 17.75p



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