SDX Energy has opened talks with BP regarding the acquisition of “a significant package of assets in Egypt”, the company announced in a press statement.
The company 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.”
SDX Energy’s shares are listed on the London-based AIM, an exchange that allows smaller companies to float shares.
The company said that its shares had been suspended from trading on the AIM with immediate effect. The suspension will be effective until the publication of an AIM admission document or until the company announces that the acquisition is not proceeding.
“Trading in the shares of the company on the TSX Venture Exchange will also be halted during such time,” SDX said.
It is not yet clear which assets SDX are trying to purchase from BP.