SDX Energy prices Circle Oil’s assets in Egypt, Morocco at USD 30 mn in cash

SDX Energy said it is proposing to acquire the oil and gas assets of Circle Oil in Egypt and Morocco for a total cash consideration of USD 30 mn, Reuters reported. SDX had announced entering into a non-binding heads of terms with Circle Oil for the acquisition in mid-January. In Egypt, SDX will acquire a 40% interest in North West Gemsa concession, in which it currently holds a 10% stake as part of the agreement. The company will finance the acquisition through conditional placing of new common shares in SDX at a placing price of 30 pence per placing share.