A proposed deal between oil giant BP and SDX Energy for a “significant package of assets” has been terminated.
The deal, announced in September, was for the acquisition of an undisclosed number of BP assets in Egypt.
SDX said the acquisition deal was “no longer proceeding” and that the “the suspension of the Company’s shares from trading on AIM will be lifted from 7.30am on 18 October 2018″.
Last month, the North Africa focused firm confirmed it was “in discussions” to purchase a “significant package” of BP assets in Egypt.
But SDX added that the deal would constitute a reverse takeover under Rule 14 and would be “subject to shareholder approval”.
SDX said trading of it shares had been suspended until confirmation arrives that the deal will proceed.
The company said in a statement: “In accordance with the AIM Rules the Company’s shares have been suspended from trading on AIM with immediate effect and will remain suspended until an AIM admission document has been published or until the Company confirms 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.
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