Oil and gas company SDX Energy confirms talks with BP to buy assets in Egypt - NASDAQ / REUTERS

September 20, 2018, 09:38:00 AM EDT

North African-focused oil and gas company SDX Energy on Thursday confirmed that it was in discussions with BP Plc 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.

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 said it signed a deal to buy privately-owned Merlon Petroleum El Fayum Company for about $215 million. Merlon holds the operated working interest onshore El Fayum in Egypt.

Merlon JV Petrosilah to invest $55 million in oil exploration in Egypt - ENERGY EGYPT

April 26, 2018

Petrosilah Petroleum Company plans to invest about $55 million in oil exploration and discovery in its concession areas in Egypt during the fiscal year 2018/2019, chairman and managing director Taher Abdel Rehem said.

The firm raised its production of crude oil by 1,000 barrels during last week, bringing its daily output capacity to 7,000 barrels per day (bpd) since output started in the Abboud well.

There is a plan to raise Petrosilah’s output in the coming two months to 7,500 bpd, he added.

Petrosilah is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based oil company Merlon International.

Petrosilah’s explorations are being carried out in the concession area that includes Sila, Tarsa, and Khek fields in Fayoum.

Abdel Rehem noted that there were plans to drill eight wells, including six development wells and two other exploratory ones, at $20 million investments in Tameya and Ain al-Silian in Fayoum.

Yorktown selling Egypt oil business Merlon -sources - REUTERS

APRIL 20, 2018 / 3:09 PM
Ron Bousso

• Private equity firm hopes to raise up to $400mln
• Citigroup running process, bids expected by July

LONDON, April 20 (Reuters) - Private equity firm Yorktown Partners is selling its Egyptian-focused oil and gas company Merlon International, hoping to raise up to $400 million, two banking sources told Reuters.

Apache to drill 50 new wells in Egypt next fiscal year, EGAS and Eni trying to speed up Zohr production schedule - ENTERPRISE

Sunday, 25 March 2018

Apache is planning on drilling 50 new exploratory wells in Egypt in the coming fiscal year through its Qarun and Khalda Petroleum subsidiaries, both JVs with EGPC, Apache CEO John Christmann said on Thursday, according to a report in state-owned Ahram Gate. Christmann said he expects the sector to “witness a boom” in FY2018-19. Apache’s Khalda had signed a USD 20 mn agreement with the EGPC back in December to begin exploration activities in the Western Desert’s Alam El Shawish concession. Apache and Merlon had also signed USD 79 mn-worth of Western Desert exploration agreements with the Oil Ministry in August last year.

Separately, EGAS and Eni are planning to bring production at Zohr to maximum capacity ahead of schedule. The two companies are working hard to have the supergiant East-Mediterranean gas field pumping out its full capacity of 2.7 bcf/d ahead of its slated end-2019 deadline, sources close to the matter tell Al Shorouk, adding that output from Zohr — which is expected to help Egypt reach natural gas self-sufficiency and become a net exporter of LNG — should also rise to 700 mcf/d, from a current 350 mcf/d, by May instead of June.

El-Molla directs EGPC, Ganope, EGAS to intensify oil exploration - DAILY NEWS EGYPT

1 October 2017

Mohamed Adel

Minister of Petroleum Tarek El-Molla directed the Egyptian General Petroleum Corporation (EGPC), South Valley Egyptian Petroleum Holding Company (Ganope), and the Egyptian Natural Gas Holding Company (EGAS) to focus on offering areas for research and drilling for oil in the coming tenders, as to increase production rates and curb reliance on imports.

A source in the sector told Daily News Egypt that EGPC has been tasked with collecting data and information about the untapped concession areas in the Western Desert and the Gulf of Suez.

He explained that Egypt needs to increase crude oil output, having been fixed for several years at an average of 650,000-700,000 barrels, against a growing demand.

Egypt signs 3 contracts for oil and gas exploration worth $79 million - EGYPT INDEPENDENT / AL MASRY AL YOUM

August 26, 2017, 4:25 pm

Minister of Petroleum and Mineral Resources, Tariq Al-Mulla, signed three new agreements for oil and gas exploration in the Western Desert of Egypt with the Egyptian General Petroleum Corporation and the American companies Apache and Merlon, with a minimum investment of about $79 million, a statement from the ministry said on Saturday.

The first and second agreements were signed with Apache in the concession area northwest of Razak in the Western Desert with investments of about $61 million, and the concession area south of al-Shawish in the Western Desert with investments of $12 million, while the third agreement with Merlon Company in the Fayoum concession in Western Desert with investments of about $6 million.

PetroSilah raises production to 12k bbl/d by end of FY2016-17 - ENTERPRISE

Sunday, 8 January 2017

Merlon International JV PetroSilah are aiming to drill six wells in 2H2016-17 to increase production to 12k bbl/d from 8.7k bbl/d from its El Fayum concession, PetroSilah Chairman Taher Abdel Rahim told Al Borsa. 

We had previously reported Merlon International is allocating USD 54 mn in FY2017-18 towards its El Fayum concession in the Western Desert.

Merlon allocates USD 54 mn in investments to Fayoum concession in FY 2017-18 - ENTERPRISE / AL MAL

Thursday, 5 January 2017

Oil and Gas producer Merlon International is allocating USD 54 mn towards its development and production operations in its El Fayum concession in FY2017-18, Al Mal reported. Merlon’s JV PetroSilah will end FY2016-17 having invested around USD 64 mn, below the budgeted amount of USD 88 mn, sources at EGPC said. Currently, all of Merlon’s oil and gas assets are located within El Fayum concession in the Western Desert.

Two oil companies reach agreements to pay suppliers in EGP - ENTERPRISE

Tuesday, 3 January 2017

Oil and gas companies SDX Energy and Merlon International have reportedly reached agreements with their suppliers and contractors in Egypt to repay them in EGP, sources told Al Mal. The initial agreements allowed companies to pay 40% of their receivables in EGP, but the fall in international oil prices, delays in payments from EGPC, and the EGP devaluation have driven the companies to increase the portion they pay in EGP.