SDX Energy has confirmed it is “in discussions” to purchase a “significant package of assets” in Egypt from oil giant BP.
The North African focused firm 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.
“A further announcement will be made as and when appropriate.”