London-listed minnow SDX Energy on 30 August announced it has agreed terms for the sale of its Egypt assets with “a large multinational operator, with existing Egyptian interests.” With Egypt – namely 37%op of the Nile Delta’s 38.5mn cfd South Disouq Gas field and 50% of the 2,000 b/d West Gharib oil field – accounting for 87% of the firm’s 2022 net output, SDX notes that the move “would constitute a fundamental change of business” and “will require the consent of SDX shareholders being given in a general meeting.” Presuming both this and Egyptian regulatory approval can be achieved, it eyes deal completion by end 2023.
The rest of current SDX output, and its only other asset, is Moroccan gas production (MEES, 16 June). SDX plans to use the cash to expend in Morocco, but not in the upstream: it eyes “upcoming diversification into Morocco’s energy transition sector.” (CONTINUED - 143 WORDS)