SDX Energy receives multiple offers for Egyptian assets

London-listed energy company SDX Energy on June 12 confirmed that it had received multiple offers for the sale of its Egyptian assets. The company board is currently evaluating these offers, and any proposed transaction would be subject to customary conditions, including government and shareholder approvals.

“The board of SDX Energy plc are aware of rumours concerning its Egyptian business and confirms that the company has received multiple offers in regard to the sale of its Egyptian assets, which the board are evaluating,” SDX said. “Any proposed transaction would be subject to the usual conditions associated with a transaction of this nature, including but not limited to the satisfaction of a number of condition precedents such as government and shareholder approval.”

SDX's portfolio encompasses interests in six concessions in Egypt and Morocco. In Egypt, the company holds a 36.9% operated interest in the South Disouq and Ibn Yunus gas fields, along with a 67% operated interest in the Ibn Yunus North gas field located in the Nile Delta.

Additionally, SDX Energy has a 50% non-operated interest in the West Gharib concession, situated onshore in the Eastern Desert adjacent to the Gulf of Suez. In Morocco, the company operates with a 75% working interest in four development/production concessions in the Gharb basin.

These concessions resulted in a daily average entitlement production of 3,723 barrels of oil equivalent/day (boe/d) net to SDX in 2022 and 2P reserves of 4.9mn boe.

SDX said it intends to release further details in due course, including information on its plans to deliver value to shareholders through both organic and inorganic growth strategies.