Canadian-listed but Egypt-focussed minnow SDX is looking to take over Dublin-listed rival Circle. Circle is the larger company in output terms, but has been on life support since 2015 due to mounting debts it has no hope of repaying.
Circle’s key producing asset is 40% of Egypt’s Northwest Gemsa field, whilst SDX output comes from its 10% stake of the same field. Chinese state firm Zhenhua operates with 50%. Output fell to 5,600 b/d for Q1-3 2016, down 26% on a year earlier. (CONTINUED - 545 WORDS)