SDX Energy announced that, upon the request of the Egyptian Natural Gas Holding Company (EGAS), its wholly owned subsidiary, Sea Dragon Energy (Nile B.V.) and Energy Flow Global Limited (EFGL), have reconstituted their acquisition transaction in SDX.
The company elaborated that there is no change regarding the underlying substance of the original transaction.
The original transaction stated that EFGL acquired an effective 18.15% interest in the South Disouq concession through its acquisition of 33% in Nile B.V.
While, based on the reconstitution, Nile B.V has assigned a direct 18.15% interest in the South Disouq concession to EFGL by way of a Deed of Assignment. EFGL has simultaneously returned its 33% stake in Nile B.V. to SDX for a nominal fee of $1. The parties have agreed to an effective date, as of the signature by the Egyptian Minister of Petroleum of the Deed of Assignment on 22 February, 2023.
As EFGL is considered a related party of SDX, the Reconstitution represents a related party transaction under the AIM Rules.