(LON:SDX, CVE: SDX) has revealed it will pay US$30mln to acquire ’s assets in Egypt and Morocco.
The deal will see SDX increase net production by almost 250% to 4,705 barrels oil equivalent per day. Reserves, meanwhile, rise by 64% to 12.03mln barrels oil equivalent.
CEO Paul Welch tells Proactive: ''For us it's a transformational deal ... it takes us up to a significant amount of production and most importantly it increases our yearly cash flow by $21mln - and that's what's attractive to us''.
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