Gulf Energy pays USD 1.4 mn to North Petroleum for operations at Egypt’s North Gemsa

Gulf Energy has paid off USD 1.4 mn in arrears SDX Energy owed to China’s North Petroleum for production at the North West Gemsa concession, which SDX and North Petroleum were operating together, Al Mal reports, citing an unnamed industry source. SDX sold its 50% working interest in the concession to Gulf Energy last month for USD 1.6 mn. The company’s stake was priced at USD 3 mn, but the sale was priced at USD 1.6 mn to account for the arrears Gulf Energy would have to pay down. SDX Energy now plans to use the proceeds from the sales to expand its operations at its remaining concessions in Egypt, as well as other operations in Morocco.