SDX Energy sells West Gharib assets in Egypt for $6.6M

Updated 4/21/2024 9:19:00 AM
SDX Energy sells West Gharib assets in Egypt for $6.6M

Arab Finance: The UK-based energy firm SDX Energy has executed a binding sale and purchase agreement (SPA) for the disposal of its West Gharib interests in Egypt’s Eastern Desert for $6.6 million, according to a statement

The interests were sold to New Horizons LLC and NPC Petroleum Services Ltd, the company listed on the London Stock Exchange’s AIM said.

This comes as part of SDX Energy’s plan to fully exit Egypt and expand in Morocco.

Proceeds from selling SDX’s Egyptian assets will be primarily used to expand its cash-generative operations in Morocco.

“The sale of our West Gharib assets represents a milestone in the execution of our new growth strategy in Morocco. SDX will continue to deliver shareholder value and growth - re-energizing and scaling the Company's Moroccan upstream business,” SDX’s CEO Daniel Gould commented.

The company is also carrying on with the binding documentation for the sale of its South Disouq assets.

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