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.”

 

Share this article

Follow Offshore Energy Today

Posted on October 18, 2018 with tags , , .

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply