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Thursday, October 18, 2018
SDX Energy revealed that talks between the company and BP for assets in Egypt have ended with no deal forthcoming. BP was looking for buyers for its oil and gas business in Egypt, which is estimated to be worth $500 million.
“Discussions regarding its proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement,” SDX said in a statement. The firm did not offer any details on why the talks came to an end.
While the talks were ongoing SDX shares were suspended from trading on AIM, they resumed trading today, albeit down 4.3%.
“Clearly it’s disappointing that this transaction has not materialized,” SDX Chief Executive Paul Welch said in the statement. “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 (exploration and production firm) of scale.”
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