UK minnow SDX is closer to completing its exit from Egypt with a “binding” 19 April deal to sell its 50% stake at the 2,000 b/d West Gharib concession on the Gulf of Suez for $6.6mn to little known firms New Horizon and NPC Petroleum Services.
This follows last year’s deal to sell-up its 37.5% operator’s stake at the onshore Nile Delta’s South Disouq field which produced 38.5mn cfd for 2022. This sales deal, which MEES understands was with Russian state firm Zarubezhneft, has yet to complete. Indeed, this deal may have fallen through: SDX on 24 April announced that the receipt of an initial $3.5mn payment for West Gharib, gives the company “more flexibility to deliver shareholder value by progressing the disposal of South Disouq.” (CONTINUED - 400 WORDS)
