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SDX Energy resumes trading on AIM as BP Egypt deal is off

The AIM-quoted oil and gas producer has been growing output organically, through active well programmes, though acquisition-led opportunities may still be pursued
oil and gas operations
Talks with BP were terminated by mutual consent

SDX Energy Inc (LON:SDX, CVE:SDX) has revealed it is out of the running for Egyptian assets being sold by BP PLC (LON:BP.).

The AIM-quoted company, in a stock market statement, told investors that discussions with BP have been terminated by mutual agreement.

READ: SDX Energy proves development credentials as production climbs

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.

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.

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