Chairman of SDX Energy Michael Doyle has stepped down with the company taking the first steps with support from a new major shareholder, Aleph Commodities.
Doyle has stepped down with immediate effect. Tim Linacre, a non-executive director, has stepped up to fill in the role as interim chairman. Doyle will continue to act as a consultant for SDX until the end of January 2023.
SDX CEO Mark Reid said the company was now looking to the future. “We are already working with Aleph on organic and inorganic growth initiatives, and I look forward to updating shareholders on the new vision for SDX and the implementation of our strategy in the coming weeks.” Aleph has a stake of 25.65% in SDX.
SDX had announced a plan in May to sell the company to a Canadian-based company, Tenaz Energy. The plan required approval from 75% of SDX’s shareholders, but only around 50% voted for the deal. As such, it abandoned the deal in July.
Krzysztof Zielicki was named as a new non-executive director. Zielicki served as Rosneft’s global head of strategy and M&A from 2012 to 2015. According to his LinkedIn profile he then left the company.
Zielicki continued to act as a representative of Rosneft on the board of Indian refiner Nayara Energy until August this year.
The executive took a non-executive spot at Angus Energy in early September, which also has Aleph as an investor.
SDX said it was carrying out work to find a permanent chairman and another non-executive director. It aims to make “several strategic appointments” to help drive its “new vision focused on disciplined growth, profitability and cash flow generation through organic and inorganic opportunities, with the support of its new major shareholder Aleph”.
Doyle said the arrival of a major new shareholder was the right time to step down. The official had backed the sale of the SDX to Tenaz and was due to become a non-executive director of the enlarged company.
New interim chairman Linacre thanked the outgoing Doyle and welcomed the incoming Zielicki. The latter “brings a wealth of technical and industry experience and knowledge which will be of great support to SDX as we embark on the next stage of growth”.
SDX has a stake in two producing fields in Egypt and four areas in Morocco’s Gharb Basin.
Reid, speaking in August, said the failure of the Tenaz deal had “overshadowed” the company’s performance.
Aleph has described itself as long-term investors. Providing “financial, technical, and commercial support” to SDX will help the company increase production and cash flows “multiple times over the next 24-36 months”. It plans to invest in existing operations and acquire assets in areas where Aleph has access.