Canada-listed and Egypt-focused SDX on 27 January completed the $30mn acquisition of rival Dublin-listed Circle Oil’s Egyptian and Moroccan assets after raising $40mn through a share issue.

While maintaining its Egypt focus, the deal sees SDX expand to Morocco, with the firm looking to “build a mid-tier E&P focused on North Africa,” CEO Paul Welch says.

“The deal is an excellent strategic fit… in line with our strategy of seeking high margin, low cost...