SDX signs heads of terms for disposal of its Egyptian assets

London-listed SDX Energy on August 30 announced that it had entered into non-binding heads of terms with a multinational operator to divest all of its Egyptian assets. This move is expected to be finalised by the end of the year.

The disposal of Egyptian assets will pave the way for the company's entrance into Morocco's energy transition sector, SDX said.

The completion of the disposal is subject to various conditions, including finalising transaction documentation and obtaining approval from the Egyptian government for the sale.  

"The planned sale of SDX's Egyptian assets will be a significant milestone on the company's transition roadmap that we will soon be presenting to our shareholders,” Daniel Gould, managing director, commented.

“SDX, re-energised with new management, will focus on monetising exciting opportunities around its Moroccan assets and related energy transition sector-plays in order to reward and deliver capital growth to our shareholders in the near term,” he added.

SDX Energy is involved in exploration and development activities in Egypt’s Eastern Desert and the Nile Delta. The South Disouq concession in the Nile Delta contains the producing South Disouq, Ibn Yunus and Sobhi gas fields. In the Eastern Desert, the Meseda and Rabul fields are situated in the G and H blocks respectively within the West Gharib concession.