Shares in SDX Energy saw a significant boost on Wednesday following the announcement of an agreement to sell all of its Egyptian assets as the company shifts its focus to Morocco’s energy transition sector. At 09:33 GMT, shares were up by 13% at 0.05 pence.
The North Africa-focused oil-and-gas company revealed that it has entered into a transaction with an undisclosed buyer, an established multinational operator with existing Egyptian assets. The deal is expected to be finalized by the end of the fourth quarter, pending shareholder consent which will be sought at a general meeting. Financial details of the agreement were not disclosed.
SDX Energy’s Managing Director, Daniel Gould, expressed excitement about the company’s new direction, stating that the rejuvenated team will now concentrate on capitalizing on the opportunities presented by its Moroccan assets and the broader energy transition sector. The company aims to deliver capital growth to its shareholders in the near term.
It is important to note that while SDX Energy has signed non-binding heads of terms and certain conditions must be met, there is no guarantee that the disposal will be completed.
