SDX Energy Inc., the North Africa focused oil and gas company, said its board is in discussions for the acquisition of a significant package of assets in Egypt from BP.
“The acquisition would constitute a reverse take-over… and would be subject to shareholder approval,” the company said in a statement without specifying which assets it is in discussions over.
SDX, listed on London’s AIM, saw its shares suspended from trading since Friday and will remain so until the company confirms that the acquisition is not proceeding.
Reuters reported earlier in the year, citing banking sources, that BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt, then estimated to be worth around $500 million.
SDX Energy has interests in four concessions in Egypt, according to its website, including South Disouq (55 percent interest), Meseda (50 percent interest), North West Gemsa (50 percent interest) and South Ramadan (12.5 percent interest).