SDX Energy PLC Corporate Presentation and Q3 2021 Results

WWW.SDXENERGYGROUP.COMSDX ENERGY

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SDX Energy PLC

Corporate Presentation and Q3 2021 Results18 November 2021


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STRICTLY CONFIDENTIAL

Contents

Company overview 3

SDX characteristics 4

YTD Q3 2021 financial & operations highlights and FY 2021 production andcapex guidance

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ESG 9

South Disouq growth opportunities 11

West Gharib growth opportunities 21

Morocco growth opportunities 24

Value catalysts 26

Summary 27


3

• Onshore gas focussed E&P in North Africa

Company overview

Egypt: Two Producing Concessions

Morocco: Five Development / Production Concessions

E&P with operated gas-weighted, onshore production, strong, stable cash flows and significant near term exploration catalysts.

Established & stable hydrocarbon provinces in low-cost operating environments with significant running room.

Strong balance sheet with cash of US$9.8MM at 30/09/21 and an undrawn EBRD credit facility of US$10.0MM.

Market cap of c.US$29MM (at 17/11/21), with continued strong institutional investor support.


4SDX characteristics

High-margin gas businesses with long-term fixed-price contracts & low opex.Multi-year plans fully-funded by healthy liquidity position.

Robust capital allocation policy with optionality to return to shareholders.Returns and cash flow-focused – not scale for scale’s sake.

Gas businesses with optimised, low carbon output of 3.0kg CO2e /boe, one of the lowest in the industry.

Giving back via community initiatives.Board-supported ESG policy embedded in strategic plan, with enhanced ESG reporting.

M&A opportunities rigorously screened against five year strategic plan.Inorganic growth will be step-wise, with a goal of becoming a mid-cap energy

company.

Multiple value catalysts from multi-year exploration and development plans.Running room in mature, well understood assets.

Upside potential from core assets.Several strategic initiatives being progressed in Morocco to access huge gas market growth

potential.

Excellent Government relations.Long-term partnerships across our portfolio.

Experienced management team with strong technical and financial leadershipExcellent regional relationships through long-term presence in Egypt and

Morocco.

Resilient cash flows with strong liquidity, can re-invest or return

to shareholders

Significantorganic upside potential

Disciplined M&A approach in line with strategic plan

ESG focus

Strong partnerships with regional Governments

Experienced management team


5YTD Q3 2021 Financial and Operation Highlights

Production ahead of guidance, strong EBITDAX, capital discipline and good liquidity

• Production of 5,901 boe/d, 2% higher than 2021 mid-point marketguidance

• Revenues of US$40.0 million for the period with realised Moroccan gasprice of US$11.40/mcf and US$2.85/mcf in Egypt (fixed)

• Netback of US$32.6 million up 22% vs YTD Q3 2020

• YTD Q3 2021 EBITDAX of US$29.7 million was 23% higher vs YTD Q32020

• YTD Q3 2021 capex of US$19.6 million, reflecting:• US$11.6 million for three development wells drilled and well

workovers in Morocco;• US$6.6 million in South Disouq, including the installation of an inlet

compressor, drilling of the IY-2X development and HA-1Xexploration wells, completion of the SD-12X tie in, and the SD-4Xand SD-1X well workovers; and

• US$1.4 million for workovers and pre-drilling preparations in WestGharib.

• Strong liquidity position:• Cash balance of US$9.8 million• Undrawn new US$10.0 million EBRD credit facility, with availability

established after CP satisfaction


6YTD Q3 2021 Production and FY 2021 Guidance

Above-guidance performance at Morocco, South Disouq and West Gharib within guidance

Asset

Gross production boe/d SDX entitlement production boe/d

Guidance - 12

months ended 31

December 2021

Actual - 9 months

ended 30

September 2021

Guidance - 12

months ended 31

December 2021

Actual - 9 months

ended 30

September 2021

Actual - 9 months

ended 30

September 2020

Core assets

South Disouq – WI 55%/100%

44 – 46 MMscfe/d 45.5 MMscfe/d 4,300 – 4,500 4,477 4,710

West Gharib – WI 50%2,350 – 2,650

bbl/d2,481 bbl/d 446 – 505 473 639

Morocco – WI 75% 7.0 – 7.3 MMscf/d 7.6 MMscf/d 874 - 915 951 735

Total 5,620 – 5,920 5,901 6,084

Discontinued operations

NW Gemsa – WI 50% N/A N/A N/A N/A 769

South Ramadan – WI 12.75% N/A N/A N/A N/A 51

Total (incl. disc. ops.) 5,620 – 5,920 5,901 6,904


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South Disouq• South Disouq performed in line with expectations during YTD Q3 2021, with existing wells exhibiting natural decline,

with this being partly offset by contribution from the SD-12X well which was brought online in December 2020 andthe drilling and tie-in of the IY-2X development well in August 2021. SD-4X and SD-1X were worked over andreturned to production at improved rates.

• FY 2021 guidance reflects expected 2-3% Central Processing Facility (“CPF”) downtime due to plannedmaintenance, the installation of an inlet compressor and three well workovers.

West Gharib• YTD Q3 2021 production trending towards mid-point guidance as expected due natural decline continuing amongst

the existing well stock.

• First well of planned campaign of 13 development wells spud in October, and expected to be contributing toproduction in early December. This campaign will arrest the field decline and over the next 18-24 months will growproduction back to 4,000 – 4,500 bbl/d.

Morocco• YTD Q3 2021 production was robust and included a full nine months of supply to an existing customer’s second

factory, which was commissioned in December 2020.

• FY 2021 guidance is 8-12% higher than 2020 actual reflecting a sustained return to normal levels of consumptionacross the customer base, together with full year’s contribution from an existing customer’s second factory whichcame on line in December 2020.

YTD Q3 2021 Production and FY 2021 GuidanceAbove-guidance performance at Morocco, South Disouq and West Gharib within guidance


8

YTD Q3 2021 Capex and 2021 GuidanceCapital discipline

• YTD Q3 2021 capex of US$19.6 million within expectations, with additional drilling activities scheduled for the finalthree months of the year.

• 2021 capex guidance range of US$26.5 – 28.0 million includes one exploration and one development well in SouthDisouq together with workovers and the installation of an inlet compressor. Five new wells and workovers are includedfor Morocco, three of which have been drilled already in 2021. The West Gharib drilling campaign commenced in Q4and will now consist of 13 wells back-to-back over the next 18-24 months, growing production into the improved oilprice environment, with associated facilities upgrades.

• Company will continue to exercise prudent capital discipline when evaluating expenditure for the remainder of thisyear, particularly given current macroeconomic circumstances.

AssetFY2021 Capex

Guidance

Actual – 9 months ended 30 September

2021Notes

South Disouq –WI 55%/100%

US$7.0 – 7.5 million US$6.6 million

YTD Q3 2021: Projects including US$2.0 million for the installation of an inlet compressor at the CPF, US$2.0 million for the IY-2 development well, US$0.7 million for the HA-1X exploration well, US$0.7 million for the completion of the SD-12X tie in at South Disouq, US$0.6 million for the concession extension signature bonus, US$0.3 million for the SD-4X and SD-1X well workovers, and other CPF work.

West Gharib – WI 50%

US$2.5 – 3.0 million US$1.4 million YTD Q3 2021: Well workovers and pre-drill preparations

Morocco – WI 75%

US$17.0 – 17.5 million US$11.6 millionYTD Q3 2021: US$8.7 million for three development wells and US$2.9 million for other projects incl. well workovers.

Total US$26.5 – 28.0 million US$19.6 million


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ESG is fundamental to our business

• Over 90% of our production is natural gas and we have one of the lowest carbon intensity rates in the industry at 3.0kg CO2e /boe.

• Morocco:

• SDX's natural gas business reduces CO2 emissions by c.60,000 tonnes/yr.

• Minimal gas processing means low carbon intensity operation of 3.5kg CO2e /boe.

• South Disouq:

• CPF powered by produced gas.

• Very low carbon intensity of 2.9kg CO2e /boe.

• Across all our sites we make use of renewable energy where possible, in particular solar power.

• Onshore operator in agricultural areas:

• Ecological impact must be low - all produced water is evaporated (Morocco) or treated offsite (South Disouq).

• FY 2020 and YTD Q3 2021 no water discharged or hydrocarbon spills

• Have to maintain the support of those impacted by our operations.

• Sustainability Accounting Standards Board disclosure included in FY 2020 reporting

ESG – our approach

90% of our business is low carbon intensity natural gas

Environmental Performance

South Disouq CPF

0

50

100

150

200

250

40

45

50

55

60

2017A 2018A 2019A 2020A

Tonnes o

f C

O2 (

cum

ula

tive)

Tonnes o

f C

O2

SDX Morocco: Tonnes of carbon saved by end user vs fuel oil

Co2 emissions saved vs fuel oil Cum. CO2 emissions saved (RHS)


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2021 priority area

• Morocco and Egypt teams mandated to pursue social initiatives, primary focus on healthcare and education

Egypt

• SDX team met with Governor of Gharbia State, in which the South Disouq asset is located:

• Medical machinery identified as an urgent need to help with Covid-19 patients in particular.

• SDX donated the following which is to be split between two hospitals in the local area:

• 13 monitors

• 13 BPAP ventilators

• Equipment presented on 12 July 2021.

Morocco

• In Q3 SDX made the decision to support the Dar Lekbiraorganization, based in Kenitra.

• Dar Lekbira is an NGO with no political or religious affiliation which aims to help children in distress in Kenitra and the surrounding area, which overlaps with SDX’s operating footprint.

• SDX will contribute winter clothing, school supplies and non-perishable food.

ESG – Social projects update


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• The principal remaining prospects (Warda, Mohsen, El Deeb, Newton and Ibn Newton) in South Disouq were reviewed post the HA-1X well. In addition, a large new lead, Shikabala Deep, is also being worked up.

• SDX has reviewed the remaining prospects from a geological prospective and looked for Direct Hydrocarbon Indicator (“DHI”) support in the seismic.

• A gas sand response in these reservoirs relates to what is termed a Class III AVO anomaly.

• Whilst observing a Class III AVO response is not a guarantee that the prospect will be successful, it does improve the CoS.

• The table below shows the volumes and CoS of the remaining primary prospects and the new Shikabala Deep lead.

South Disouq updated prospectivity

Prospect Status GIIP (bcf)1 EUR (bcf)1 CoS

P90 P50 P10 P90 P50 P10

Sobhi East Prospect 7.1 9.4 11.7 4.2 7.1 7.7 >80%

Warda Prospect 7.9 14.5 28.8 5.7 11.2 22.3 40%

Mohsen Prospect 21.5 26.1 31.4 14.3 21.1 23.7 45%

El Deeb Prospect 4.6 8.2 14.6 3.5 6.2 11.1 31%

Newton2 Prospect 3.8 6.7 12.4 2.8 4.6 7.7 27%

Ibn Newton2 Prospect 2.0 3.1 4.7 1.2 2.0 3.3 40%

Shikabala Deep3 Lead 41.7 81.5 141.0 30.0 59.9 105.0 29%

1: Volumes presented do not include any condensate. CGR varies between 1 and 15 bbl/mmscf across South Disouq and would be upside.2: Newton and Ibn Newton would be dual-targeted with a single well.3: Shikabala Deep is partially outside the current SDX acreage. If ongoing work indicates a valid prospect, SDX will approach the Egyptian authorities to secure the acreage.

Shikabala

Shikabala North

Shikabala Deep

Sobhi

Existing gas field

Upper KES prospectBasal KES prospect

Abu Madi prospect

Qawasim prospect

3D seismic coverage

WARDA

Ibn Yunus

South DisouqLead 1

Lead 2

NEWTON

IBN NEWTON

MOHSEN

EL DEEB

SOBHI EAST

Primary prospects are highlighted in BOLD


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• Sobhi East is a compartment of the Sobhi Field, undrained by the original SD-12X well (SobhiWest).

• The target is a basal Kafr El Sheikh (“KES”) prospect in the Ibn Yunus North development lease.

• The similarity of Sobhi East with the SD-12X compartment and also with the Ibn Yunus Field indicates that Sobhi East is a high CoS (>80%) prospect.

• The Sobhi East well would be approximately 1,000m from the SD-12X well and flowline. Tie-in of Sobhi East to the facilities would be quick and low cost.

Sobhi East appraisal well

Sobhi East

Sobhi West

SD-12X

P90 P50 P10

GIIP (bcsf) 7.1 9.4 11.7

EUR (bcsf) 4.2 7.1 7.7

Sobhi and Ibn Yunus Intercept / Gradient response indicating a positive gas sand anomaly. Note the lack of response at SD-6X_A (failure).

Sobhi Sobhi East

Ibn Yunus

SD-6X_A


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• Post HA-1X, the result was incorporated into the remaining exploration prospects assessment to ensure we were still confident in the prosects we have.

• A seismic review was undertaken, including the AVO response of Hanut, Ibn Yunus and the prospects.

• The results of the AVO work are presented in the images below.

• Hanut had a fairly unique seismic signature compared to South Disouq fields and prospects. However, it was similar to six features drilled in SE Mansoura, the acreage immediately to the east (three successes and three failures). It was confirmed that one of the key features to look for is a positive AVO response (specifically a class III AVO response).

• Taking the information and work conducted since the HA-1X well, the remaining prospects are robust, with all of them working on a geological basis (trap, seal, reservoir, source and charge) and having a positive AVO response.

The impact of Hanut

NEAR Stack FAR StackDecrease in the “brightness” of the AVO responseNo gas sand

Hanut

NEAR Stack FAR StackIncrease in the “brightness” of the AVO responseGas sand – positive AVO response

Ibn Yunus


14Warda

• The Warda prospect is a Pliocene basal KES turbidite deposit. It is an attractive target since it is located close to the well SD-4X allowing for low tie-in costs and rapid tie-in for production.

• Warda is defined on the FAR stack seismic dataset and has a similar negative amplitude anomaly to the South Disouq concession BKES discoveries Ibn Yunus and Sobhi.

• AVO work gives a positive result generally indicative of a gas sand.

• The volumes are given in the table below and the geologic chance of success is estimated to be 40%.

• In addition, a Warda well will drill through the South Disouq field above the original Gas Water Contact. No volumes are currently ascribed to this but represent a potential upside in that we could look to recover any remaining reserves.

Case P90 P50 P10

GIIP (unrisked) 7.9 14.5 28.8

EUR (unrisked) 5.7 11.2 22.3

Ibn Yunus AVO

Warda AVO

Warda AVO response is similar to that of Ibn Yunus


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• The Mohsen prospect is located in the southern section of the Exploration Extension Area at the South Disouq concession, approximately 5.5 km south of the South Disouq gas field.

• The Mohsen reservoir is Basal KES Fm turbidite channel/lobe sandstone and was identified due to its –ve amplitude response on the FAR stack seismic dataset, similar to the basal KES discoveries Ibn Yunus and Sobhi.

• Subsequent review of the geological aspects of the feature confirmed it as a prospect.

• A review of the AVO response was positive.

• The volumes estimate is in the table below and has a CoS of 45%.

Mohsen

P90 P50 P10

Unrisked GIIP (bcf) 21.5 26.1 31.4

Unrisked EUR (bcf) 14.3 21.1 23.7

A nick-point in the Abu Madi canyon to the south of the Hanut structure seems the likely input point for a Basal KES turbidite flow.

Mohsen appears to be part of a larger turbidite system and updip pinchout onto the QawasimFm ridge to the NE forms the trap.

Base KES Depth Map


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• El Deeb is interpreted to be a buried hill (Qawasim Fm) prospect in the South Disouq Exploration Extension area, sitting to the east of the Mohsen prospect and to the west of the Hanut high.

• The seal to the east and the reservoir quality / presence are the main risks and uncertainties for this prospect.

• The Hanut data gives some indication as to the presence of reservoir sand that may correlate to El Deeb but without logs we cannot be certain of the quality of the sand.

• The AVO response is positive.

• The current view on volume for El Deeb is given in the table below, with a CoS of 31%.

El Deeb

P90 P50 P10




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• Although different formations, there is a possibility that the Mohsen turbidite eroded into El Deeb and the two features have a connected gas leg.

• Certain section in the 3D seismic data indicate a continuous reflection between the two prospects.

• Evidence of connectivity will come from production and pressure data in a successful Mohsen well.

Mohsen and El Deeb


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• The Newton prospect is an Abu Madi Fm reservoir, similar to the South DisouqField.

• Newton is an elongate, relatively low relief, 4-way dip-closed structure in the NW area of the exploration extension area.

• The current CoS is estimated at 27%

• Ibn Newton is an upper KES prospect, similar to the shallow gas sand found in SD-3X.

• The prospect is dip closed to south and possible combination of dip and fault closure by juxtaposition against KES shales to the north. The east-west closure is by channel shale-out.

• The presence of a gas sand is supported by the strong negative amplitude response on the FAR stack seismic data.

• Supported by AVO work.

• The CoS is put at 40%.

• The two prospects overlap spatially and would be targeted by a single well.

Newton and Ibn Newton

Newton

South Disouq

Newton Top Depth

Prospect / Interval

Unrisked GIIP (bcf) Unrisked EUR (bcf) CoS

P90 P50 P10 P90 P50 P10

Ibn Newton U KES

2.0 3.1 4.7 1.2 2.0 3.3 40%

Newton AM-I/II

2.8 4.6 7.7

2.8 4.6 7.7 27%Newton AM-III

1.0 2.1 4.7

TOTAL (sum)

5.8 9.8 17.1 4.0 6.6 11.0


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• The Shikabala Deep lead is mapped at the western edge of the 3D seismic data.

• It is a Qawasim aged feature, similar to El Deeb, and has a strong negative amplitude response that may indicate a gas sand.

• The western limit of the lead is not fully imaged but several 2D seismic lines do indicate closure.

• Shikabala Deep is situated partially within SDX acreage but mostly in an open acreage area.

• Subject to the work being finalised, SDX will look at making an approach to the Egyptian authorities over securing the acreage.

Shikabala Deep

Shikabala DeepDepth Map

Ibn Yunus North DL

Open Area

Edge of 3D Seismic

2D seismic line


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• Imaging of the full structure is hampered in places by surface features that made the acquisition of the 3D seismic difficult.

• The volumes and CoS (29%) estimated for the structure takes into account the uncertainty in the seismic data.

Shikabala Deep

Imagin

g issues d

ue t

o s

urf

ace f

eatu

re

(tow

n)

impacting t

he a

cquis

itio

n

Shikabala Deep

P90 P50 P10



EW

3D Seismic2D Seismic

Shikabala Deep structure defined on 2D seismic line

• Should Shikabala Deep exploration be successful, the shallower basal KES Shikabala prospect could be targeted as part of a wider development of the Shikabala cluster


21West Gharib development overview

Concession Extension• Early in 2021, SDX and its partner secured a 10-year extension.

• Extension takes Meseda and Rabul to Nov 2031.

Future Drilling – Thirteen well development drilling campaign

• With the oil price increase and the concession extension, 13 infillproduction wells (11 in Meseda and two in Rabul, including WB-4Harea) and one water-injector in Rabul are planned (plus up to threeadditional water injection wells) to stabilise and ultimately raiseproduction back to 4,000 – 4,500 bbl/d.

• Drilling started in October 2021 and the planned wells will be drilledback-to-back in one campaign, although the pace of drilling would becontrolled in response to oil price.

• Drilling will initially stabilise and then grow the production.

• Drilling will also include a water-injector to support the sweep ofthe reservoir.

• Facilities CAPEX will be invested to expand the fluid handlingcapacity of the gathering station.

• The wells are low cost, each with a payback period of less thanone year.

• With the extension agreement, the drilling programme has moved4.7MMbbl of gross 2C (YE2020 CPR) to 2P with a further 1.2MMbbl ofgross 2C to be reallocated to 2P on finalisation of a development plan.

West Gharib Production

West Gharib Fields

-

1,000

2,000

3,000

4,000

5,000

6,000

Oil

rate

(bopd)

West Gharib Production

West Gharib existing wells West Gharib new 13 wells

RABUL

WB-4H

MESEDA


22West Gharib existing and planned wells

Meseda Field Map• 11 planned infill wells and three contingent

wells

Rabul Field Map• Two planned infill wells, one planned water injector and

one contingent well

Planned well

Contingent well

MSD-21

MSD-22a

EPJ-1

MSD-5H

Existing injector well

Existing producer well

Key to Wells

Planned producer well

Contingent well

Rabul-12

Rabul-9b

Rabul-8_WInj

Rabul-5

Planned injector well

Existing producer well

Key to Wells


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• A number of prospects and leads have been identified in the existing West Gharib concession below existing fields.

• These features are being worked to drill-ready prospects and represent low cost exploration as most can be targeted by deepening planned development wells.

• In the success case, any discoveries can be rapidly tied-in to existing facilities.

• The knowledge SDX has built up from working our existing fields will also allow us to define and target step-out exploration in near-by open areas.

• The surrounding areas are covered by 3D and 2D seismic.

• Exploration wells are low cost to drill in this area and discoveries can be easily tied in to existing facilities.

• A number of additional leads have been identified and work continues to move these to prospect status.

• We would then look to deal directly with the Egyptian authorities to secure the acreage.

West Gharib exploration overview

Feature Licence Mean EUR (MMstb)

CoS

Lead 1 West Gharib (Dublin-SDX) 0.91 20%



Summary Map of West Gharib area leads

Volumes for West Gharib area leads

MesedaFieldLease

RabulFieldLease

Lead 3

Lead 1

Lead 2

3D seismic coverage


24Morocco – 2021 Development/Appraisal and Exploration Activity

Five development/appraisal wells in 2021

• First phase comprised three development/appraisal wells drilled inmid-2021, all successful and currently on production.

• Second phase of two wells commencing imminently. First well(KSR-19) is close to infrastructure in the core producing area.Second well (SAK-1) is targeting a new area of the acreage coveredby 3D seismic, which is as yet untested and if successful couldopen up further drilling and exploitation opportunities.

• Following the planned relinquishment of the Lalla Mimouna Nordlicence, work is continuing to identify drillable prospects at the TopNappe horizon which was penetrated by the LMS-2 well drilled inQ1 2020.

• As the Top Nappe encountered by LMS-2 showed the presence ofthermogenic gas, the Company hopes to test this prospectivity indrilling planned for 2022/23.

Top Nappe exploration

potential is present throughout SDX

acreage


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Summary

• While the western area (Lalla Mimouna Sud) is not covered by 3D, available 2D seismic lines appear to indicate larger features west of the current core area.

• In turbidite systems such as the Gharb Basin, field sizes tend to increase from the sediment source’s proximal locations to distal locations i.e. from east to west in the Gharb Basin.

• A similar trend here is supported by the offshore Anchois discovery in the distal Gharb Basin offshore Morocco, and by the trend seen in field sizes in the Guadalquivir Basin in South Spain (an analogue for the Gharb Basin) and the offshore Poseidon discovery offshore Spain.

• Lalla Mimouna Sud will be weighed against the Moulay Bouchta area as it may offer smaller but more stacked targets.

Morocco additional exploration – Lalla Mimouna Sud & Moulay Bouchta

Leads in LM Sud Area close to SDX Pipeline

Basin Analogue: Guadalquivir Basin


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Key upcoming catalysts from multi-year programmes with the drillbit:

• Q2 – Q3 2022 SD-12X East, Warda and Mohsen wells at South Disouq

• Ongoing 13 well West Gharib development drilling campaign commenced in Q4 2021 and will accelerated over next 18-24 months to recover 4.7 (gross) MMbbl of incremental 2P reserves and increase production in high price environment, with associated facilities upgrades.

• 2022 Drilling four wells in Morocco to add production

2022 Activities & Value Catalysts

Significant value catalysts in Egypt and Morocco in the next 12 months

Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22

* Should these wells be successful, actual timing of completions and tie-ins will be determined post-drilling and evaluation to optimise development and production.


27Summary

High-margin gas businesses with long-term fixed-price contracts & low opex.Multi-year plans fully-funded by healthy liquidity position.

Robust capital allocation policy with optionality to return to shareholders.Returns and cash flow-focused – not scale for scale’s sake.

Gas businesses with optimised, low carbon output of 3.0kg CO2e /boe, one of the lowest in the industry.

Giving back via community initiatives.Board-supported ESG policy embedded in strategic plan, with enhanced ESG reporting.

M&A opportunities rigorously screened against five year strategic plan.Inorganic growth will be step-wise, with a goal of becoming a mid-cap energy

company.

Multiple value catalysts from multi-year exploration and development plans.Running room in mature, well understood assets

Upside potential from core assets.Several strategic initiatives being progressed in Morocco to access huge gas market growth

potential

Excellent Government relations.Long-term partnerships across our portfolio.

Experienced management team with strong technical and financial leadershipExcellent regional relationships through long-term presence in Egypt and

Morocco.

Resilient cash flows with strong liquidity, can re-invest or return

to shareholders

Significantorganic upside potential

Disciplined M&A approach in line with strategic plan

ESG focus

Strong partnerships with regional Governments

Experienced management team


28Disclaimer

This document, which is personal to the recipient, has been issued by SDX Energy plc (the “Company”). This document does not constitute or form any invitation toengage in investment activity nor shall it form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securitiesof the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relatingthereto, nor does it constitute a recommendation regarding the securities of the Company. In particular, this document and the information contained herein doesnot constitute an offer of securities for sale in the United States.

This document is being supplied to you solely for your information. The information in this document has been provided by the Company or obtained from publicly available sources. No reliance may be placed for any purposes whatsoever on the information or opinions contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of the Company’s directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of the Company’s members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

Nothing in this document or in the documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance.Neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or possessions. Neither this document nor any copy of it may be taken or transmitted into Australia, Japan or the Republic of South Africa or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian, Japanese or South African securities law. The distribution of this document in other jurisdictions may be restricted by law and

persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

Forward-looking Information

Certain statements contained in this press release may constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Anystatements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or arenot statements of historical fact should be viewed as forward-looking information. In particular, statements regarding the trajectory of the Company's future growth,the Company's intentions to secure future concessions, the Company's method of assessing the prospectivity of Lalla Mimouna Sud, and future drillingdevelopments, costs and results, should all be regarded as forward-looking information.

The forward-looking information contained in this document is based on certain assumptions, and although management considers these assumptions to bereasonable based on information currently available to them, undue reliance should not be placed on the forward-looking information because SDX can give noassurances that they may prove to be correct. This includes, but is not limited to, assumptions related to, among other things, commodity prices and interest andforeign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; future production rates; receipt of necessary permits; thesufficiency of budgeted capital expenditures in carrying out planned activities, and the availability and cost of labour and services.

All timing given in this announcement, unless stated otherwise, is indicative, and while the Company endeavours to provide accurate timing to the market, it cautions that, due to the nature of its operations and reliance on third parties, this is subject to change, often at little or no notice. If there is a delay or change to any of the timings indicated in this announcement, the Company shall update the market without delay.


29Disclaimer

Forward-looking Information (continued)

Forward-looking information is subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materiallyfrom those anticipated or implied by such forward-looking statements. Such risks and other factors include, but are not limited to, political, social, and other risksinherent in daily operations for the Company, risks associated with the industries in which the Company operates, such as: operational risks; delays or changes inplans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate andexchange rate fluctuations; environmental risks; competition; permitting risks; the ability to access sufficient capital from internal and external sources; and changesin legislation, including but not limited to tax laws and environmental regulations. Readers are cautioned that the foregoing list of risk factors is not exhaustive andare advised to refer to the Principal Risks & Uncertainties section of SDX’s Annual Report for the year ended 31 December 2020, which can be found on theCompany’s website at https://www.sdxenergygroup.com/ and on SDX’s SEDAR profile at www.sedar.com, for a description of additional risks and uncertaintiesassociated with SDX’s business.

The forward-looking information contained in this press release is as of the date hereof and SDX does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by applicable law. The forward-looking information contained herein is expressly qualified by this cautionary statement.

The forward-looking information contained in this presentation is as of the date hereof and SDX does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by applicable law.

Non-IFRS measures

This news release contains the terms “Netback,” and “EBITDAX” which are not recognized measures under IFRS and may not be comparable to similar measurespresented by other issuers. The Company uses these measures to help evaluate its performance.

Netback is a non-IFRS measure that represents sales net of all operating expenses and government royalties. Management believes that Netback is a usefulsupplemental measure to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities prior tothe consideration of other income and expenses. Management considers Netback an important measure as it demonstrates the Company’s profitability relative tocurrent commodity prices. Netback may not be comparable to similar measures used by other companies.

EBITDAX is a non-IFRS measure that represents earnings before interest, tax, depreciation, amortization, exploration expense and impairment. EBITDAX iscalculated by taking operating income/(loss) and adjusted for the add-back of depreciation and amortization, exploration expense and impairment of property, plant,and equipment (if applicable). EBITDAX is presented in order for the users to understand the cash profitability of the Company, which excludes the impact of costsattributable to exploration activity, which tend to be one-off in nature, and the non-cash costs relating to depreciation, amortization and impairments. EBITDAX maynot be comparable to similar measures used by other companies.


30Disclaimer

Oil and Gas Advisory

Certain disclosures in this news release constitute “anticipated results” for the purposes of National Instrument 51-101 – Standards of Disclosure for Oil and GasActivities (“NI 51-101”) of the Canadian Securities Administrators because the disclosure in question may, in the opinion of a reasonable person, indicate thepotential value or quantities of resources in respect of the Company’s resources or a portion of its resources. Without limitation, the anticipated results disclosed inthis news release include estimates of volume, flow rate, production rates, porosity, and pay thickness attributable to the resources of the Company. Such estimateshave been prepared by Company management and have not been prepared or reviewed by an independent qualified reserves evaluator or auditor. Anticipatedresults are subject to certain risks and uncertainties, including those described above and various geological, technical, operational, engineering, commercial, andtechnical risks. In addition, the geotechnical analysis and engineering to be conducted in respect of such resources is not complete. Such risks and uncertaintiesmay cause the anticipated results disclosed herein to be inaccurate. Actual results may vary, perhaps materially.

Use of the term “boe” or the term “MMscf” may be misleading, particularly if used in isolation. A “boe” conversion ratio of 6 Mcf: 1 bbl and a “Mcf” conversion ratio of1 bbl: 6 Mcf are based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at thewellhead.

Reserve and Resource Data

The reserve and resource estimates disclosed or referenced herein have been prepared by Dr. Rob Cook, a qualified reserves evaluator, in accordance with theSPE’s Canadian Oil and Gas Evaluation Handbook and in accordance with NI 51-101. The reserves and resources disclosed herein have an effective date of 31December 2020.

Prospective resources are those quantities of gas, estimated as of the given date, to be potentially recoverable from undiscovered accumulations through futuredevelopment projects. As prospective resources, there is no certainty that any portion of the resources will be discovered. The chance that an exploration projectwill result in a discovery is referred to as the "chance of discovery" as defined by the management of the Company.

There is no certainty that it will be commercially viable to produce any portion of the resources discussed herein; though any discovery that is commercially viablewould be tied back to the Company’s pipeline in Morocco and then connected to customers’ facilities within 9 to 12 months of discovery. Based upon the economicanalysis undertaken on any discovery, management has attributed an associated chance of development of 100%.

There are uncertainties associated with the volume estimates of the prospective resources disclosed herein, due to the level of information available on prospectiveresources, but ranges are defined based on data from the Company’s nearby existing analogous wells. Some of the risks and uncertainties are outlined below:

Petrophysical parameters of the sand/reservoir;

Fluid composition, especially heavy end hydrocarbons;

Accurate estimation of reservoir conditions (pressure and temperature);

Reservoir drive mechanism;

Potential well deliverability; and

The thickness and lateral extent of the reservoir section, currently based on 3D seismic data.

Documents

SDX Energy PLC Corporate Presentation and Q3 2021 Results