StockMarketWire.com - Oil company SDX Energy said it had sold its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert of Egypt, to Gulf Energy for $3m.

Of the acquisition sum, $1.4m had been used to discharge SDX's remaining liabilities on the licence.

The net $1.6m of proceeds exceeded management's expectations for the sale of the non-core asset, the company said.

'The disposal is part of SDX's ongoing focus and commitment to capital discipline and careful management of the group's portfolio whilst also providing additional cash to further strengthen its balance sheet,' it added.


At 9:41am: [LON:SDX] SDX Energy Inc. share price was +0.75p at 18.25p



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