Photo: An offshore drilling rig used by BP to drill for oil and gas in the Mediterranean Sea, offshore Egypt in 2014 /image source: BP

SDX, BP terminate talks on Egypt assets sale

North Africa-focused oil company SDX Energy has terminated talks for a potential acquisition of assets in Egypt from BP.

An offshore drilling rig used by BP to drill for oil and gas in the Mediterranean Sea, offshore Egypt in 2014 /image source: BP

The company had on September 20 said that it was in talks for the acquisition of “a significant package of assets in Egypt from BP,” and that the acquisition would constitute a reverse take-over.

On the same date, the company’s shares were suspended pending further announcement on the talks with BP.

In a statement on Thursday, October 18, SDX said: “…discussions regarding [SDX’s] proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement.”

The suspension of the company’s shares in London has been lifted, and SDX has also requested for the restoration of trading on the TSX Venture Exchange.

It is not clear what BP assets were talked about related to the sale.

SDX said on Thursday: “SDX continues, in line with its stated strategy, to review and pursue inorganic growth opportunities across its areas of operations in North Africa.”

 

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