September 20, 2018 / 1:39 PM / 3 months ago

UPDATE 1-Oil and gas company SDX Energy confirms talks with BP to buy assets in Egypt

(Adds BP’s response, background)

Sept 20 (Reuters) - North African-focused oil and gas company SDX Energy on Thursday confirmed that it was in discussions with BP Plc to buy a package of assets in Egypt.

London-listed SDX said the acquisition would constitute a reverse takeover. (reut.rs/2OFTxs2)

SDX said its shares have been suspended from trading on London’s junior market, AIM, with immediate effect and will remain suspended until an admission document has been published or the company confirms that a deal is not proceeding.

A spokeswoman for BP declined to comment on the talks with SDX.

Reuters reported earlier in the year, citing banking sources, that BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt, then estimated to be worth around $500 million.

It was not immediately clear which assets SDX was in talks with BP over.

Earlier in the day, oil and gas explorer and producer SOCO International said it signed a deal to buy privately-owned Merlon Petroleum El Fayum Company for about $215 million. Merlon holds the operated working interest onshore El Fayum in Egypt. (Reporting by Muvija M in Bengaluru and Shadia Nasralla in London; Editing by Emelia Sithole-Matarise and Elaine Hardcastle)

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