SDX Energy Corporation has announced the termination of talks to acquire a part of BP’s assets in Egypt, Egypt Oil & Gas reports.
The decision to end the acquisition was taken by mutual agreement of the two firms.
SDX was in talks with BP regarding the acquisition of “a significant package of assets in Egypt”, the company had previously announced in a press statement.
The company had said that “the acquisition would constitute a reverse take-over under Rule 14 of the Alternative Investment Market (AIM) Rules for Companies and would be subject to shareholder approval.”
The company had stated that its shares had been suspended from trading on the AIM with immediate effect. The suspension was said to be effective until the publication of an AIM admission document or until the company announces that the acquisition is not proceeding.