North African-focused oil and gas company SDX Energy Inc. on Sept. 20 confirmed that it was in discussions with BP Plc (NYSE: BP) to buy a package of assets in Egypt.
London-listed SDX said the acquisition would constitute a reverse takeover.
SDX said its shares have been suspended from trading on London's junior market, AIM, with immediate effect and will remain suspended until an admission document has been published or the company confirms that a deal is not proceeding.
A spokeswoman for BP declined to comment on the talks with SDX.
Reuters reported earlier in the year, citing banking sources, that BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt, then estimated to be worth around $500 million.
It was not immediately clear which assets SDX was in talks with BP over.
Earlier in the day, oil and gas explorer and producer SOCO International Plc said it signed a deal to buy privately-owned Merlon Petroleum El Fayum Co. for about $215 million. Merlon holds the operated working interest onshore El Fayum in Egypt.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.