What is Surge Energy Limited?

Surge Energy Limited, also known as Surge, is a company that specializes in manufacturing and revalidating of steel LPG cylinders. It was incorporated in 2017 and is located in Kisaju, Kenya.

What happens to surge's non-core assets after the sale?

Following the sale of the Non-Core Assets, Surge's conventional Sparky and SE Saskatchewan crude oil assets will now represent 90 percent of the Company's new 22,500 boe per day 2025 production guidance, and more than 95 percent of the Company's cash flow from operating activities.

How much oil does surge produce?

The Assets are currently producing more than 3,850 boepd (99 percent liquids) of predominantly light and medium gravity crude oil, with synergistic operations entirely focused in Surge’s existing Sparky and SE Saskatchewan core areas.

What does surge expect from a non-core transaction?

Proceeds from the Transaction bring forward approximately 10 years of future undiscounted free cash flow that the Non-Core Assets would have generated. At current strip crude oil prices, Surge anticipates allocating the net proceeds from the Transaction to additional share buy backs, and further reductions of net debt.

Will surge increase its dividend?

In conjunction with the Closing, Surge anticipates increasing the Company’s annual cash dividend by 14 percent, from $0.42 per share to $0.48 per share (paid monthly). Any dividend increase will be subject to the approval of Surge's Board of Directors with consideration given to the business environment at the time of Closing.