SDX Energy announced that it has disposed of its 50% working interest in the North West Gemsa license, situated in the Eastern Desert of Egypt.

The purchaser, Gulf Energy, a private Egyptian oil and gas company, has paid $3.0 million in consideration for the company’s interest, of which $1.4 million has been used to discharge the company’s remaining liabilities on the license.

The net $1.6 million proceeds exceeds management’s expectations for the sale of this non-core asset. The disposal is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio while also providing additional cash to further strengthen its balance sheet.

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Source: PetroleumAfrica