SDX Energy to buy Circle Oil’s assets in Egypt, Morocco

SDX Energy announced it has entered into non-binding heads of terms with Circle Oil to acquire its Egyptian and Moroccan businesses, according to a company disclosure. The agreement has a 30-day exclusivity period and is subject to the completion of due diligence, documentation, compliance with all regulatory requirements and conclusion of an equity fundraising. “We have made clear our firm intentions to create shareholder value by growing SDX into a profitable mid-tier E&P company. Circle’s assets present an attractive opportunity to add material production and reserves at an attractive price,” SDX CEO Paul Welch said, caveating this by noting that there is no certainty the transaction will be completed.