SDX Terminates Talks Over BP's Egyptian Assets

Laxman Pai
Friday, October 19, 2018

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

A press release from SDX announced that further to the announcement made on September 20, 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 7:30 a.m. on October 18, 2018. The company has also requested for the restoration of trading on the TSX Venture Exchange, it said.

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

Last month, SDX Energy opened talks with BP regarding the acquisition of “a significant package of assets in Egypt”.

The company had said that “the acquisition would constitute a reverse take-over under Rule 14 of the Alternative Investment Market (AIM) Rules for Companies and would be subject to shareholder approval.”

Categories: Mergers & Acquisitions Offshore Energy Africa

Related Stories

Hormuz Standoff Risks Chronic Instability for Gulf Oil Flows

Dolphin Drilling’s Blackford Dolphin Secures More Work for Oil India

Oil Surges 3% on Renewed US-Iran Strikes

Offshore Vessel Pair Ordered from Grandweld Shipyard

Saipem Lands $2B FPSO Deal for Offshore Gas Field in Indonesia

Israel Steps Up Mediterranean Gas Search

Floating Nuclear: A New Offshore Energy Frontier

Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285M

IEA Expects Gradual Hormuz Recovery, Oversupplied Market in 2027

Capricorn Energy Grants Third Extension for Potential Takeover Offer

Current News

Eni Enlists OneSubsea for Deepwater Umbilical Supply off Indonesia

EnQuest Clears Key Hurdle for $833M Malaysia Offshore Deal

ONGC Plans Major New Indian Oil Reserve

LNG Tankers Resume Hormuz Crossings Amid Tensions

Hormuz Standoff Risks Chronic Instability for Gulf Oil Flows

From Fixtures to Values: Where the Jackup Recovery Is Already Being Priced

Eni and Petronas JV Extend Ventura Offshore’s Drilling Job in Indonesia

Dolphin Drilling’s Blackford Dolphin Secures More Work for Oil India

Oil Surges 3% on Renewed US-Iran Strikes

Offshore Vessel Pair Ordered from Grandweld Shipyard

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com