British SDX Energy sells assets in Egypt

AK&M 27 September 2023 14:18

The British oil and gas company SDX Energy has signed agreements with a major multinational operator on the sale of all assets in Egypt. This is reported in the press release of SDX Energy.

The financial terms of the transaction were not disclosed.

The transaction is in line with SDX Energy's strategy to fundamentally change the business by diversifying and expanding its activities in the Moroccan energy sector. From the point of view of the company's management, the sale of assets in Egypt will optimize the business and increase the value of the company for shareholders.

SDX Energy plans to implement several major projects in Morocco.

Completion of the transaction is expected at the end of 2023 after approval by SDX shareholders and regulatory authorities of Egypt.

SDX Energy plc is engaged in the exploration, development and production of oil and gas in Egypt and Morocco. The company owns 50% in the Meseda and Rabul fields in Western Gharib (Egypt), 55% in the South Disouq concession (Egypt) and 75% in four licenses for the exploration of deposits in the Gharb Basin region (Morocco). The headquarters is located in London (UK).