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Oil & Gas

SDX Energy ends talks with BP over the sale of Egyptian assets

Posted: October 18, 2018 at 3:26 pm   /   by   /   comments (0)

SDX Energy and BP mutually agree to end discussions which could have see SDX buy a package of assets.

SDX Energy, the North Africa focused oil and gas company, has announced that, further to the announcement made on 20 September 2018, discussions regarding its proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement.

As the Acquisition is no longer proceeding, the suspension of the Company’s shares from trading on AIM will be lifted from 7.30am on 18 October 2018. The Company has also requested for the restoration of trading on the TSX Venture Exchange.

SDX continues, in line with its stated strategy, to review and pursue inorganic growth opportunities across its areas of operations in North Africa.

Paul Welch, CEO of SDX Energy, said on the company’s Twitter account: “Clearly it’s disappointing that this transaction has not materialised. It was an exciting opportunity but we are always screening potential deals and we know that there will be others that will serve to fast track our goal to be a North Africa focused E&P of scale. We continue to have a very active work programme for the rest of 2018 and throughout 2019 and will continue to build value from our existing business.”

(Source: SDX Energy)

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