North Africa-focused oil company SDX Energy has terminated talks for a potential acquisition of assets in Egypt from the oil giant BP.
A press release from SDX announced that further to the announcement made on September 20, 2018, discussions regarding its proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement.
As the acquisition is no longer proceeding, the suspension of the company’s shares from trading on AIM will be lifted from 7:30 a.m. on October 18, 2018. The company has also requested for the restoration of trading on the TSX Venture Exchange, it said.
The statement said that SDX continues, in line with its stated strategy, to review and pursue inorganic growth opportunities across its areas of operations in North Africa.
Last month, SDX Energy opened talks with BP regarding the acquisition of “a significant package of assets in Egypt”.
The company had said that “the acquisition would constitute a reverse take-over under Rule 14 of the Alternative Investment Market (AIM) Rules for Companies and would be subject to shareholder approval.”