SDX Energy is looking to exit the Egyptian market, announcing that it has signed a non-binding heads of terms with an undisclosed large multinational operator to sell off its oil and gas assets in Egypt.
The company expects to close the transaction by the end of 2023.
According to an official statement, the sale will support the company in positioning itself for “upcoming diversification into Morocco's energy transition sector”.
Currently, SDX only operates in Egypt and Morocco, with several oil and gas exploration and development assets in Egypt’s Eastern Desert and the Nile Delta. The company holds a 55 percent interest in the South Disouq and Ibn Yunus fields, and a 50 percent interest in the Meseda and Rabul fields within the West Gharib concession in the Eastern Desert.
The company’s statement explained that the sale will enable it to “optimize its asset portfolio and concentrate on expanding its presence in Morocco's energy transition sector.”
The statement does not disclose the buyer’s identity, merely describing it as “large multinational operator” with established interests in Egypt. The price of the transaction was also not disclosed.
SDX highlighted that completion of the transaction remains subject to, among other conditions, the negotiation of final transaction documentation and obtaining Egyptian government approvals for the sale.
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