Egypt: SDX Energy to acquire BP assets

Image: BP Global

North African-focused oil & gas company SDX Energy has confirmed that it is in discussions with British multinational oil and gas company BP to acquire a significant package of its assets in Egypt.

The AIM-listed company addressed the press speculations in a statement released in on Thursday, and said that that the acquisition constituted a reverse takeover.

“The company’s shares have been suspended from trading on AIM with immediate effect and will remain suspended until an admission document has been published or until the company confirms that the acquisition is not proceeding. Trading in the shares of the Company on the TSX Venture Exchange will also be halted during such time,” the statement said.

The Times, meanwhile, reported that the proposed $1 billion deal is related to BP’s partnership in the Gulf of Suez Petroleum Company (Gupco) – a joint venture with the Egyptian General Petroleum Corporation set up in the 1960s. It produces about 70,000 barrels of oil per day.

This year, SDX Energy has made numerous oil and gas discoveries in Egypt making the company a growing explorer in Africa’s oil and gas sector.