January 24, 2017 / 7:04 PM / 8 months ago

BRIEF-SDX Energy says proposed acquisition of producing assets in Egypt, Morocco

Jan 24 (Reuters) - SDX Energy Inc

* proposed acquisition of producing assets in Egypt, Morocco - accelerated bookbuild to raise approximately $40 million

* Acquire oil,gas assets in Egypt,Morocco, currently held by circle oil plc for a total cash consideration of $30 million

* In Egypt, co will acquire a 40 per cent. Interest in Nw Gemsa concession, in which it currently holds a 10 per cent, as part of deal

* Acquisition to be funded through conditional placing of new common shares in SDX at a placing price of 30 pence(C$0.50) per placing share

* On completion of acquisition, co anticipates total net working interest production will increase to approximately 4,705boepd

* In Morocco, company will acquire a 75 per cent interest in both Sebou, Lalla Mimouna concessions

* On completion of acquisition, co anticipates its net working interest 2P reserves will grow to 12.03 mmboe

* Acquisition also to be funded by simultaneous direct subscription of new shares at placing price to raise gross proceeds of about $40 million

* Placing, subscriptions are expected to raise gross proceeds of up to about $40 million, which will be used to fund deal among others Source text for Eikon: Further company coverage:

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