British Energy Company SDX revealed on Friday that it has executed a binding sale and purchase agreement (SPA) for the disposal of the Company’s West Gharib interests in Egypt and is progressing on the sale of its South Disouq assets.
In a press release, the Company emphasized its commitment to enhancing shareholder value through a concerted “effort to fully exit the Egyptian market, grow its assets in Morocco, and effectively execute its energy transition strategy.”
The same source mentioned that the sale proceeds from the sale will be received from sources outside of Egypt and will be predominantly allocated to furthering SDX’s cash-generating operations in Morocco.
This transition aligns with SDX’s objective in the Kingdom, where “it stands as the sole independent gas producer.”
“The sale of our West Gharib assets represents a milestone in executing our new growth strategy in Morocco,” commented SDX’s Chief Executive Officer Daniel Gould.
Gould stressed the Company’s commitment to delivering shareholder value and driving growth, “re-energizing SDX’s Moroccan upstream business.”
The company is leveraging its position and pipeline infrastructure to enhance gas supply and provide additional energy sources to customers in Kenitra.
SDX Energy has been steadily progressing its activities in Morocco over the past few months. On April 3rd, SDX Energy commenced drilling operations for the Beni Malek-2 well (BMK-2) in the Rharb Basin of Morocco, which is located around 1.5 kilometers from the Beni Malek-1 discovery well.
Earlier this year, SDX Energy also finalized an extension of its prepayment deal with the Chinese group CITIC Dicastal subsidiary, Dika Morocco Africa (DMA). This agreement was valued at $2.1 million and intended to secure gas supply for the first quarter of 2024.
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