Natural gas exploration energy SDX reached a non-binding agreement to sell all of its Egyptian assets and relocate to Morocco where it seeks to achieve profit as a player in the country’s energy transition.
“Moving towards the energy transition narrative also gives access to a wider pool of capital, setting SDX on a new path of growth with the ultimate aim of delivering sustainable returns for shareholders,” said the company in a press statements.
Its sale of Egyptian assets is due to be completed by the end of 2023.
SDX managing director Daniel Gould said: “SDX, re-energised with new management, will focus on monetising exciting opportunities around its Moroccan assets and related energy transition sector-plays in order to reward and deliver capital growth to our shareholders in the near term.”
In Morocco, SDX has a 75% working interest in four development/production concessions, all situated in the Gharb Basin.
The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs.
In Egypt, the company has 36.9% operated interest in the South Disouq and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn Yunus North gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, located onshore in the Eastern Desert, adjacent to the Gulf of Suez
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