SDX Energy Exits NW Gemsa License in Egypt

published:15/07/2020 08:42 GMT

SDX Energy announced that it has disposed of its 50% working interest in the North West Gemsa license, situated in the Eastern Desert of Egypt. The purchaser, Gulf Energy, a private Egyptian oil and gas company, has paid US$3.0 million in consideration for the company’s interest, of which US$1.4 million has been used to discharge the company’s remaining liabilities on the license. The net US$1.6 million proceeds exceeds management’s expectations for the sale of this non-core asset. The...More