SDX Energy Mulls Buying North African Assets From Circle Oil

LONDON (Alliance News) - SDX Energy Inc late Wednesday said it has signed a non-binding heads of ...

Alliance News 11 January, 2017 | 6:41PM
Email Form

LONDON (Alliance News) - SDX Energy Inc late Wednesday said it has signed a non-binding heads of terms to purchase the Egyptian and Moroccan businesses owned by Circle Oil PLC in order to expand its asset base in North Africa.

Circle Oil was listed on AIM until last month after succumbing to its huge debt pile and SDX, responding to media speculation, said it has signed a deal to buy the assets. SDX has exclusivity over the assets for the next 30 days, but the company said there is no guarantee that a deal will be completed.

"As previously announced, SDX is entering an exciting period for the Company as it moves into the drilling phase of the work programme at South Disouq in early 2017. In addition, the well workover program at North West Gemsa continues, as does the redevelopment, waterflood program and facility capacity upgrade at Meseda," said SDX.

SDX shares closed down 17% on Wednesday at 36.0 pence.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved. 

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
SDX Energy Inc 36.90 GBX 1.10 -
SDX Energy Inc 0.57 CAD -1.72 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.