By 14 July 2020 Gulf Energy, a private Egyptian entity, had completed the acquisition of SDX Energyâs 25% stake in the Petro Amir Petroleum JV, which operates the North West Gemsa concession in the Eastern Desert. The deal has a total consideration of US$ 3 million, with US$ 1.4 million being used to pay SDXâs remaining liabilities on the concession. SDX had previously stated that North West Gemsa was likely to become uneconomic during early 2020 unless operating expenses are reduced. It had identified the asset as non-core. The company had previously increased its stake in the PSC in 2017, through the acquisition of Circle Oilâs 20% equity in Petro Amir. SDX already held a 5% stake. North West Gemsa comprises of three development leases and three oil & gas fields, which had gross production of 3,762 boe/d in 2019. Gross 2P reserves as of end 2019 dropped by half, standing at just 1.58 MMboe. Equity partners in Petro Amir are now: ZhenHua Oil (via North Petroleum, 25%), Gulf Energy (25%) and Ganope (50%, carried).<P /><P />
Egypt (Gulf of Suez B.), North West Gemsa (Dev) Geyad op. by SDX ENERGY (50%), NORINCO (50%), EGPC (0%). On 14 July 2020, SDX Energy (SDX) announced the selling of its working interest in the Al-Amir JV operating the NW Gemsa concession, onshore Gulf of Suez Basin, to Gulf Energy. GANOPE (50%) and North Petroleum (25%, operator) are expected to remain partners with Gulf Energy (25%) in the JV.