The AIM-quoted company, in a stock market statement, told investors that discussions with BP have been terminated by mutual agreement.
No reasons were disclosed for the breakdown in negotiations.
It means the company’s shares will now resume trading. It was suspended, under AIM rules, because the potential transaction would have been treated as a reverse takeover.
“SDX continues, in line with its stated strategy, to review and pursue inorganic growth opportunities across its areas of operations in North Africa,” SDX said in the statement.
Paul Welch: Clearly it’s disappointing that this transaction has not materialised. It was an exciting opportunity but we are always screening potential deals and we know that there will be others that will serve to fast track our goal to be a North Africa focused E&P of scale.— SDX Energy (@sdxenergy) October 18, 2018
At the end of August, SDX’s interim results revealed a 35% rise in net revenues and an 83% improvement in cash generation.
The Egypt and Morocco-focused firm yielded some 3,234 barrels of oil equivalent output per day in the six months ended June 30, and, it continues to bring online successful wells drilled during 2018.
Production since the half-year has risen to 4,400 barrels per day.
Having resumed trading, SDX shares were priced at 55.85p.