SDX Energy terminates asset acquisition deal

Having confirmed the press speculation regarding the acquisition last month, SDX Energy said: “The North Africa focused oil and gas company, announced that, further to the information provided 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.”

SDX Energy Chief Executive Paul Welch expressed his disappointment for transaction not materializing tweeting: “It was an exciting opportunity but we are screening potential deals all of the time and we know that there will be others that will serve to fast track our stated goal to be a North Africa-focused E&P of scale.”

According to reports, SDX Energy yielded 3,234 barrels of oil equivalent output per day in the six months ended June 30, and, continues to bring online successful wells drilled during 2018.