LONDON (Alliance News) - SDX Energy Inc on Thursday said it terminated discussions regarding its proposed acquisition of "a significant package of assets" in Egypt from BP PLC.
Back in September, SDX Energy confirmed a press report that it was in talks with BP regarding the potential purchase. It had said would constitute a reverse takeover under AIM rules, and its shares were suspended from trading as a result. However, the company did not provide any other details at the time, nor in its announcement on Thursday.
At the time, The Times newspaper had reported that the assets included BP's USD1 billion stake in the Gulf of Suez Petroleum Co, a joint venture with the Egyptian General Petroleum Corp set up in the 1960s.
Looking forward, SDX Energy said Thursday it will continue to review and pursue inorganic growth opportunities across its areas of operations in North Africa.
As the acquisition is no longer proceeding, the suspension of the company's shares from trading on AIM was lifted on Thursday. The stock was trading 2.6% lower at 56.00 pence per share.
BP (BP.)
