SDX searching for distressed assets amid 13 well spree

摘要

SDX has raised more cash to add new drilling to what is now a 13 well programme in Egypt and Morocco while it is in the hunt for more distressed companies to acquire. The Canadian firm has drawn up a list of 20 or more small or medium sized firms involved in Egypt that it believes are too small to prosper in the current environment. More than half of these are looking to exit or reduce their exposure with some "teetering". At the start of this year SDX paid around US $30m for Circle Oil which was in financial troubles.