SDX Energy PLC - the London-based oil & gas explorer - Disposes its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert of Egypt. The purchaser, Gulf Energy, a private Egyptian oil & gas company, has paid USD3.0 million in consideration for the interest, of which USD1.4 million has been used to discharge the company's remaining liabilities on the licence. The net USD1.6 million proceeds exceeds management's expectations for the sale of this non-core asset.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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SDX Energy (SDX)