(Ecofin Agency) – In early February 2022, SDX Energy indicated its intention to sell part of its interests in the South Disouq concession. Shares for which the company Energy Flow Global Limited (EFGL) had acquired.
The British oil and gas company SDX Energy announced on Tuesday (February 7th) a new development as part of the sale to Energy Flow Global Limited (EFGL) of part of its stake in the South concession, announced last year.
Indeed, following a request made by the Egyptian Natural Gas Holding Company (EGAS), SDX, through its subsidiary Sea Dragon Energy (Nile) BV, and the company EFGL decided to restructure the sales agreement they concluded in 2022.
According to the terms of the latter, EFGL acquired, for 5.5 million dollars, 33% of the 55% interest held by SDX in the exploitation of the gas field located in the Nile delta. As part of the restructuring of the deal, EFGL returned the 33% stake previously acquired from SDX for a symbolic value of 1 dollar. In exchange, EFLG obtains a working interest of 18.15% in the South Disouq concession.
According to the arrangement concluded by the two partners, the agreement materializing the deal entered into force on February 22, 2023, the date of its signature by the Egyptian Minister of Petroleum and Mineral Resources.
Abdel-Latif Boureima
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03/02/2022 – Egypt: SDX Energy will sell 33% of its shares in the South Disouq concession